Tuesday, July 7, 2015

Market Summary -- 7th Jul 15

FTSE STI closed 3,340.93, up 7.99 points or +0.24% with a total volume of 1.19b and a total value of S$989M.  Total number of advance vs decline was 183 vs 238.  Of the 30 component index stocks, 15 closed positive, 3 unchanged and 12 in the red.  The top 5 gainer component stocks were :-

1. SGX  +0.190 
2. SIA  +0.110
3. UOB  +0.090
4. Kep Corp  +0.080
5. DBS  +0.060

The top 5 loser component stocks were :-

1. Jardine C&C  -0.680
2. JMH USD  -0.400
3. JSH USD  -0.150
4. ComfortDelGro  -0.080
5. CityDev  -0.070

US markets fell average 0.3% yesterday and Asian bourses were mixed for the day with Nikkei +1.31%, SSE -1.26% and HSI -1.03%.  STI opened positive but closed flat in typical thin volume and value with 15 of the 30 index stocks posted gain.

With no surprise US markets fell in reaction to the NO vote in Greece referendum but the fall including European markets were largely well contained.  Most of Asian markets managed to rebound from yesterday selling off with exception of SSE still struggling with investors deleveraging and Chinese Government's attempts to stabilize the volatile market.  HSI also fell due to the bearish and uncertain sentiment from SSE.  Greek Government as expected submitted a new proposal to get bailout to tide over its mountain of debts for the rest of the year.  EU leaders will be holding a summit tonight to discuss on the new proposal and see whether a deal can be agreed on.  One thing for sure is since the NO vote, deep austerity measures will not be included in the new proposal and will be interesting to see what are the measures the Greek Government going to come out with to cut debts.  Whether Greece will remain in euro is another question.

STI was trying to rebound from yesterday selling off but lack the strength as the index was weighed down by the Jardine group of stocks.  Furthermore most still sideline ahead of all those uncertainties.  One thing for sure funds are positioning themselves for the earning season in particular those S-Reits.  STI is very much divided now with China stocks getting the bearish sentiment due to SSE, offshore & marine stocks weighed down by falling oil price, bank stocks are holding the market up, property stocks are mixed and S-Reits are gathering momentum for the earning play.  Next week will be the last chance to bargain hunt.

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