Thursday, July 16, 2015

Market Summary -- 16th Jul 15

FTSE STI closed 3,353.45, up 14.59 points or +0.44% with a total volume of 1.14b and a total value of S$919M. Total number of advance vs decline was 235 vs 144.  Of the 30 component index stocks, 16 closed positive, 5 unchanged and 9 in the red.  The top 5 gainer component stocks were :-

1. JSH USD  +0.360
2. DBS  +0.180
3. SGX  +0.170
4. OCBC  +0.130
5. SIA  +0.120

The top 5 loser component stocks were :-

1. JMH USD  -0.660
2. Jardine C&C  -0.170
3. Ascendas Reit  -0.030
4. SIA Engg  -0.020
5. CityDev  -0.020

US markets closed slight down yesterday and Asian bourses were mostly positive for the day with Nikkei +0.67%, SSE +0.49% and HSI +0.43%.  STI ended the week with a close of +0.44% in thin volume and value with 16 of the 30 index stocks registered gain.

US markets were under profit taking as investors digesting US Fed Chief's testimony of assuring a rate hike this year and awaiting for the outcome of Greek Parliament vote on the austerity measures.  Despite the anti-austerity protest by Greeks, the Parliament eventually approved of tougher austerity in order to get the bailout aids.  Asian markets were mostly positive after the outcome but not without any volatility in particular SSE and HSI which swinging between gain and loss.  It will be US markets to react to the outcome of the Greek vote tonight and there are also other events like US Fed Chief testimony part 2, corporate earning and economic data for investors to digest.  EU members will be having a meeting tonight to start negotiating for details of Greek bailout package.

STI continued the advance for the week climbing another 0.44% with banking stocks moving the index higher ahead of the long weekend.  Again bargain hunting on blue chips and corporate earning play lifted broad market higher and next week will be the start of intense releasing of corporate earning.  There should not be any downside surprise in the earning thereby providing some limited downside to the market.  A break above 3,360 level would see investors starting to rushing into the market and hence propel it higher.

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