Friday, July 24, 2015

Market Summary -- 24th Jul 15

FTSE STI closed 3,352.65, down 3.72 points or -0.11% with a total volume of 1.68b and a total value of S$959M.  Total number of advance vs decline was 183 vs 269.  Of the 30 component index stocks, 11 closed positive, 4 unchanged and 15 in the red.  The top 5 gainer component stocks were :-

1. SIA  +0.210
2. SGX  +0.110
3. Ascendas Reit  +0.040
4. DBS  +0.020
5. GLP  +0.020
5. OCBC  +0.020

The top 5 loser component stocks were :-

1. JMH USD  -0.830
2. Jardine C&C  -0.750
3. JSH USD  -0.650
4. Kep Corp  -0.040
5. CityDev  -0.030
5. Capitaland  -0.030

US markets fell average at least 0.5% yesterday and Asian bourses were in a sea of red with Nikkei -0.67%, SSE -1.29% and HSI -1.06%.  STI tracking regional market fell 0.11% in lighter volume and value than yesterday with 11 of the 30 index stocks posted gain.

Again US markets fell due to disappointed corporate earning.  Investors might have to start pondering is the US economy really recover strong enough for US Fed to hike rate this year ?  For Asian markets, beside the weak lead from US market, China flash PMI for July dropped sharply to 48.2, a 15-month low and well below expectation of 49.7.  In the afternoon, euro zone flash PMI also indicated a slip falling to 53.7 from 54.2.  Those weak set of data disappointed Asian markets leading to a sea of red.  More downside for US markets might be on the way if corporate earning continue to be weak especially those from shale producers which were hurt by the low crude oil price.

STI opened positive but spent most of the time in the red eventually closing -0.11% weighing down by the Jardine group of stocks, performed better than most Asian markets.  Trading volume also thinner as punters closing positions for the weekend.  Any upside for STI is capped at the moment due to global sentiment and nothing upside surprising from corporate earning so far.  However, downside is also limited for the short-term as nothing downside surprising from corporate earning either.  On the other hand, news starting to surface that Singapore General Election might be coming soon and that could provide some upside to Singapore market if confirmed.

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