Singapore Stock Market Updates On 22/07/2010

Morning Highlights

Singapore Stock prices opened firm on Thursday morning with STI up 4.87 points  to 2930.96. Despite U.S. negative performance last night, STI manages to hold in positive with a little whipsaw at the start.

• Olam broke 2.70
• Genting broke 1.21
• Singapore state investor Temasek said on Thursday it plans to launch a $1 billion (US$725.7 million) 40-year benchmark bond, the longest-ever maturity for Singapore dollar-denominated debt.

Watch out for Economic News Release Today:

1. American Express and AT&T 2Q10 earnings
2. U.S.  Existing Home Sales in June and the Housing Price Index in May
3. Euro-zone’s July PMI Manufacturing
4. Hong Kong’s June CPI

Corporate Announcements:

1. NOL announced an order for 10 new container ships to be delivered in 2013. It also signed a letter of intent for another two ships. The total value of the orders is about $1.2 billion.
2. Swiber announced that the offer document relating to the proposed listing of the subsea services business of Swiber Holding Ltd has been registered by SGX-ST.
3. Wilmar announced its subsidiary has entered into a sale and purchase agreement to acquire 91.38% of Natural Oleochemicals Sdn. Bhd. for RM450 million.
4. Keppel Corp has secured two Brazilian contracts totalling S$170 million for the conversion of a Floating Production Storage and Offloading (FPSO) vessel and repair of a semisubmersible drilling rig respectively.

News Updates:

1. United Technologies earns $1.1 billion on $13.9 billion revenue; EPS grows 14%.
2. Coca-Cola’s profit rises 16% on 5% volume growth; CEO notes weakened consumer confidence.
3. Morgan Stanley swings to profit of $1.44 billion; trading, brokerage revenue up.
4. EBay earnings rise 26%; shares move higher in late trading.
5. Technology stocks in lead as U.S. stocks post early gains; Apple’s up 4.5%, but Yahoo’s down 8%; Major U.S. stock indexes slide on Bernanke testimony; Dow down 110 at close.
6. Federal Reserve stands ready to take further action if needed: Bernanke.

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 17:05 (Singapore Time)

Afternoon Highlights

Index is extending its early gains…

• Cosco broke 1.56
• Sembcorp broke 4.26

New IPO : Kreuz holdings limited (Subsea Solutions Provider for the Oil& Gas Industry)
IPO size : 80 million
IPO price : S$0.27
Placement : DBS
Listing in Catalist
Commence Trading: 29 July 2010

News Updates:

1. ARA Asset Management Limited said on Thursday that its subsidiary, ARA Real Estate Investors IV Limited (ARA IV) has agreed to subscribe to 20.94 million shares in APN Property Group Limited at A$0.22 each, amounting to A$4.61 million (US$4.07 million).
2. Moody’s Investors Service has assigned Aaa ratings to the 40-year S$1 billion senior unsecured fixed-rate notes to be issued by Temasek Financial Limited, a subsidiary of Temasek Holdings (Private) Limited. The outlook for the ratings is stable.

In Summary,

Index up 29.58 points to close 2955.67, with 1.1118 billion.