Thursday, July 23, 2015

Market Summary -- 23rd Jul 15

FTSE STI closed 3,356.37, down 2.80 points or -0.08% with a total volume of 2.32b and a total value of S$1.03b.  Total number of advance vs decline was 204 vs 245.  Of the 30 component index stocks, 14 closed positive, 1 unchanged and 15 in the red.  The top 5 gainer component stocks were :-

1. SIA  +0.090
2. OCBC  +0.070
3. DBS  +0.060
4. JSH USD  +0.050
5. UOB  +0.040

The top 5 loser component stocks were :-

1. JMH USD  -0.420
2. HongkongLand USD  -0.170
3. SGX  -0.120
4. Jardine C&C  -0.120
5. GLP  -0.080

US markets fell at least 0.2% yesterday but Asian bourses were mostly positive for the day with Nikkei +0.44%, SSE +2.44% and HSI +0.46%.  STI however was flat in high volume but thin value with 14 of the 30 index stocks registered gain.

The disappointed earning from US tech companies weighed down US markets for the 2nd day in a row but for Asian markets it was a different story.  South Korea 2Q GDP dipped more than expected due to the impact of MERS but Japan export for June rebounded coming in at +9.5% after May +2.4% increase but still below expectation of +10%.  Elsewhere, China stock market is now up 6 days in a row after a sharp drop just few weeks ago with the worst should be over.  Greek Government meanwhile passed the 2nd set of bills for its reform to get bailout.  While corporate earning will still be in the focus, tomorrow will be another day in which investors will be focusing in economic data.

STI spending most of the time in positive closed with a slight down due to the last minute squaring off position for blue chips.  Broader market experienced the same theme again that is focus on penny stocks punting while the blue chips and fundamental mid cap stocks were having a range bound day.  Most of the activities in those stocks were unfortunately from the as usual foreign broker houses and will not be surprising to see that as accumulation.  Note that S-Reits so far after XD have been showing resilient despite all then negative and cautious note due to nothing but concern of US Fed rate hike.  A sharp rebound to their respective recent high might not be possible but the dividend yield is getting more and more attracting and further downside will just trigger a conviction buy regardless whether US Fed hike rate or not.

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