Thursday, July 2, 2015

Market Summary -- 2nd Jul 15

FTSE STI closed 3,327.84, down 3.30 points or -0.10% with a total volume of 907M and a total value of S$912M.  Total number of advance vs decline was 208 vs 221.  Of the 30 component index stocks, 10 closed positive, 4 unchanged and 16 in the red.  The top 5 gainer component stocks were :-

1. JSH USD  +0.530
2. SIA  +0.200
3. UOB  +0.190
4. Jardine C&C  +0.040
5. SPH  +0.040

The top 5 loser component stocks were :-

1. JMH USD  -0.110
2. SGX  -0.100
3. ComfortDelGro  -0.100
4. HongkongLand USD  -0.060
5. Ascendas Reit  -0.060

US markets closed with a gain of average 0.60% and Asian bourses were mostly positive for the day with Nikkei +0.95%, SSE -3.49% and HSI +0.12%.  STI opened higher but closed flat in thin volume and value with 10 of the 30 index stocks posted gain.

A firm ADP and ISM number allowed US markets to close higher ahead of tonight non-farm payroll data.  Asian markets were mostly positive taking the lead except SSE.  SSE again suffered wild swing despite Chinese regulator did a u-turn to loosen margin rules to stem stock market slump.  The Greece saga continued to take twist and turn ahead of this Sunday referendum.  At one point it seemed that Greek Government blinked but hours later EU leaders decided that any talk will be based on outcome of the referendum.  For the time being, Greece still under capital control and banks remained shut.  Tonight will be the closely watch US non-farm payroll.  A strong number coupled with recent positive economic data will again bring the topics of US Fed doing a September rate hike back to the headline.

STI was unable to maintain the positive momentum and closed flat as traders and punters slowly closing positions ahead of tonight US non-farm payroll data and this Sunday Greece's referendum.  Investors should not sidestep focus on next week corporate earning because of these 2 events.

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