SGX Stocks and Warrants
The Straits Times index and its performance
Technical signs and signals
The Straits Times Index declined 0.25% last Friday (14 March) following a 1.2% pull-back on the S&P 500 index overnight. Closing at 3,073.72, the STI has retreated 3% year-to-date and is now trading below its 50-day moving average of 3,086.82. Over the past six months, the STI has been trading lower with each rebound after a sell-off not being able to close higher than the previous high.
The STI tumbled more than 6.4% in late January this year as investors shunned emerging markets. The Fed’s plan to reduce stimulus efforts raised uncertainty in the emerging markets, leading to a global sell-off in equity markets. However, the STI managed to rebound quickly in February and has recovered approximately half of its earlier losses.
Index Constituents
The three local banks are among the biggest index laggards thus far, snipping 80 index points off the Singapore’s benchmark index. On the flip side, Jardine Matheson has gained $6.70 year-to-date, adding 25.9 index points to the STI. Olam, to which Singapore’s Temasek Holdings announced a buyout offer, jumped 11.8% last Friday to end at $2.23. Olam has contributed 12.4 index points to the STI this year.
According to Bloomberg, the STI is now trading at approximately 13.4x Price/Earnings, compared to the 10.0x seen on the Hang Seng Index (HSI). Trading activity on the Singapore exchange has been light thus far this year. Average turnover on the Singapore exchange in the first eleven weeks of 2014 has averaged approximately 1.06 billion daily, significantly lower than the 1.41 billion average we saw last year.
Source: Macquarie Research - 17 Mar 2014
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