Wednesday, June 10, 2015

Market Summary -- 10th Jun 15

FTSE STI closed 3,325.77, up 30.64 points or +0.93% with a total volume of 1.20b and a total value of S$1.14b.  Total number of advance vs decline was 239 vs 179.  Of the 30 component index stocks, 22 closed positive, 4 unchanged and 4 in the red.  The top 5 gainer component stocks were :-

1. JMH USD  +1.100
2. Jardine C&C  +0.710
3. DBS  +0.510
4. JSH USD  +0.400
5. UOB  +0.230

The 4 loser component stocks were :-

1. SIA  -0.030
2. Noble  -0.015
3. SIA Engg  -0.010
4. Ascendas Reit  -0.010

US markets closed mixed and flat yesterday but Asian bourses were mostly in the red with Nikkei -0.25%, SSE -0.15% and HSI -1.12%.  STI managed to rebound and closed +0.93% but in thin volume and value with 22 of the 30 index stocks posted gain.

Investors still digesting US Fed rate hike probability in September against a backdrop of no positive events.  Asian markets however, were mostly in the red with some even gave up earlier gain to close in the red.  MSCI decided to delay inclusion of China A-Share in the MSCI EM index until the accessibility issue is resolved.  While short-term wise, it was a negative news for SSE but long-term wise, it is just a matter of time MSCI will include those China A-Share.  The inclusion in future could draw US$400b of money into China market.  There was also news that Greek Government has re-submitted a revised draft for reform to international creditors in order to get the required bailout.  Should that be accepted, Greece will once again escape from being default.

STI finally rebounded after past days of selling off but that was just a relief rally and nothing much led by the bank and Jardine group of stocks.  Short-term wise, it is still downside bias with 3,280 as the immediate support.  The blue chips enjoyed an up day mostly due to short-covering as bargain hunting still pretty much cautious.  Most of the rebound were due to oversold rebound.  What STI needs now is not a sharp rebound but rather consolidation.

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