Friday, November 7, 2014

Market Summary -- 7th Nov 14

FTSE STI closed 3,286.39, down 4.57 points or -0.14% with a total volume of 1.21b and a total value of S$1.08b.  Total number of advance vs decline was 186 vs 238.  Of the 30 component index stocks, 10 closed positive, 2 unchanged and 18 in the red.  The top 5 gainer component stocks were :-

1. DBS  +0.150
2. OCBC  +0.050
3. Wilmar  +0.040
4. Capitaland  +0.030
5. Olam  +0.030

The top 5 loser component stocks were :-

1. JMH 400USD  -1.200
2. UOB  -0.200
3. JSH 500USD  -0.200
4. Sembcorp  -0.150
5. Jardine C&C  -0.150

US markets closed higher gaining about 0.4% yesterday and Asian bourses were mixed for the day.  Nikkei +0.52%, SSE -0.28% and HSI -0.42%.  STI swinging between gain and loss eventually closing flat in thin volume and value with 10 of the 30 index stocks posted gain.

Better than expected weekly jobless claims, positive corporate earning and comment from ECB chief that it will ready to act to fight deflation cheered DJ and S&P500 to another record closing.  Asian bourses however were mixed as investors cautious ahead of tonight US non-farm payroll data.  Good set of data might bring back the topics of US Fed might hike interest rate soon.  It all depend on what investors think of the data.  Sell off using excuse of US Fed might hike interest rate or cheer that US economy especially the labor market is indeed recovering well and move US markets to another record closing.  Another thing to watch perhaps for next week will be crude oil price, it has been falling past days leading to energy related stocks to be sold off, crude oil price should be due for a rebound next week.

STI was flat for the day with it touching the 3,300 level.  Being Friday and with US non-farm payroll releasing tonight, traders would not like to caught over the weekend (should US markets take the excuse to sell off) and hence profit taking was seen across the broad.  STI could be experiencing a pull back next week and what to look out for will be the support level and any movement of funds in or out of the market.  Oil related stocks should be in focus next week as crude oil price should be due for a rebound next.

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