Monday, June 8, 2015

Market Summary -- 8th Jun 15

FTSE STI closed 3,320.33, down 13.34 points or -0.40% with a total volume of 1.42b and a total value of S$1.01b.  Total number of advance vs decline was 139 vs 297.  Of the 30 component index stocks, 6 closed positive, 2 unchanged and 22 in the red.  The top 5 gainer component stocks were :-

1. CityDev  +0.130
2. HongkongLand USD  +0.100
3. ComfortDelGro  +0.020
4. CapitaMall Trust  +0.010
5. SPH  +0.010
5. StarHub  +0.010

The top 5 loser component stocks were :-

1. Jardine C&C  -0.730
2. JSH USD  -0.440
3. SGX  -0.190
4. DBS  -0.130
5. Kep Corp  -0.070
5. Ascendas Reit  -0.070

US markets closed mixed last Friday and Asian bourses were also mixed for the day with Nikkei -0.02%, SSE +2.17% and HSI +0.21%.  STI fell 0.40% in typical thin volume and value with only 6 of the 30 index stocks posted gain.

US added 280,000 jobs last month far more than the expected  of 250,000 and unemployment rate rose to 5.5%.  The better than expected data sparked concern that US Fed will hike interest rate this September causing US markets to close mixed.  Investors were divided by fear of rate hike and positive that US economy is rebounding.  For Asian, it was also mixed performance with exception of SSE rallied more than 2% to hit new 7-years high.  One of the reason was speculation of possible inclusion of A-Shares in theMSCI EM index in this week review.  On the data side, Japan 1Q GDP was revised up to 3.9% as compared to the preliminary reading of 2.4%.  China posted a near record trade surplus for May after its export fell smaller than expected of 2.5% while imports tumbled 17.9%.  Investors still keeping an eyes on Greece to see what's next.

STI unable to track the performance of North Asia markets fell 0.40% as strengthening of USD, concern of interest rate hike and falling of oil price due to OPEC maintain status quo weighed down most of the blue chips.  The market sentiment in general is weak and it looks starting to be on a unreasonable and irrational selling, which is a good sign for bargain hunting.

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