Singapore Stock Market Updates On 12/08/10

Morning Highlights

Singapore Stocks continued to weaken, with STI down 18.55 points to open at 2930.71 as investors remained worried about the slow economic recovery in the US.

Heavy losses in the US overnight triggered a global sell-off in other Asia Markets, especially Tokyo-listed stocks which were sharply lowered and disappointing earnings hammered the Australian market.

• City Development Q2 net profit rises 17.6%

We expected market to be choppy, hence we advise to stay on the sidelines for the time being.

Watch Out For Economic News Release Tomorrow (Friday):

1. U.S. July CPI numbers
2. Euro-zone’s Q2 GDP numbers
3. Hong Kong’s Q2 GDP numbers

Corporate Announcements:

1. Singtel announced 0.4% year-on-year decline in 1Q11 net profit to S$ 942.1 million.
2. Singtel Group’s combined regional mobile customer base stood at 351 million as at 30 June, an increase of 34% from a year ago.
3. IndoFood Agri announced 67.5% year-on-year decline in 2Q10 net profit to RP 318.1 million.
4. Wilmarannounced plans to invest in a minority stake of 20% in Kencana Agri Limited, a palm oil company.
5. Yanlordannounced 13.9% year-on-year increase in 2Q10 net profit to S$ 156.0 million.

News Updates:

1. Japan’s Nikkei average fell 1.5% on Thursday after the dollar hit a 15-year low against the yen, heightening concerns about the long-term effects of a stronger yen on Japan’s economy..
2. US trade deficit unexpectedly widened in June to $49.9 billion, Commerce Department figures showed today, the highest level since October 2008, as consumer goods imports rose to a record and exports declined.
3. Treasury sells $24 billion in 10-year debt at lowest yield since January 2009
4. Crude oil fell the most in six weeks, slipping 2.8% to $78.02 in New York.
5. Dow slides 265 points in worst day since June; Alcoa is index’s biggest decliner, down 6%
6. Cisco shares fall nearly 5% in after-hours trades following earnings report 
7. Europe ends sharply lower: France’s CAC-40 falls 2.7%, U.K.’s FTSE 2.3%; Germany’s DAX 2%

Quick Picks: Here is a quick pick screen that we have designed to pick out potential stocks, both Bullish and Bearish. These are measured with emphasis on larger changes in price and volume.

Bullish Stocks (Singapore)

Stock Prices last updated at 9:05 (Singapore Time)