Tuesday, June 23, 2015

Market Summary -- 23rd Jun 15

FTSE STI closed 3,339.78, up 24.65 points or +0.74% with a total volume of 1.05b and a total value of S$917M.  Total number of advance vs decline was xxx vs xxx.  Of the 30 component index stocks, 21 closed positive, 2 unchanged and 7 in the red.  The top 5 gainer component stocks were :-

1. JMH USD  +0.980
2. JSH USD  +0.840
3. Jardine C&C  +0.350
4. UOB  +0.240
5. HongkongLand USD  +0.190

The top 5 loser component stocks were :-

1. SGX  -0.040
2. SingTel  -0.030
3. Genting SP  -0.020
4. SIA Engg  -0.010
5. Kep Corp  -0.010
5. ComfortDelGro  -0.010

US markets rose at least 0.50% yesterday and Asian bourses managed to stay positive for the day with Nikkei +1.87%, SSE +2.16% and HSI +0.93%.  STI continued to move higher with another gain of 0.74% in typical thin volume and value with 21 of the 30 index stocks posted gain.

There was no conclusion from yesterday EU emergency meeting over the Greek issue as the resolution has been pushed to this weekend.  However, signs were positive that a deal could be agreed on this weekend to prevent Greece from default and exit euro.  For the day most of Asian markets were positive except for SSE after a wild ride managed to close with a gain of at least 2%.  This was after the release of the HSBC China flash PMI for June which came in slightly above expectation at 49.6 but still in the contraction mode.  In the afternoon, Eurozone PMI for May rose to 54.1 from 53.6 indicating Eurozone is starting to recover apart from Greece.

STI up for 3rd day in a row when bargain hunting and slight positive sentiment did the job and the usual Jardine group of stocks pushed the index up.  However, cautiousness still can be observed.  What investors need and should focus now is next month earning season.  Identify those quality and fundamentally strong stocks and position for it.

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