Morning Highlights

There are no Quick Picks for today!

Singapore stocks fall in opening trades, in response to the Friday’s drop on Wall Street, with STI down 24.97 points to 2932.72.

  • Keppel Land broke 4.09
  • OCBC Research maintained its ‘buy’ rating, but lowered its target price for Midas Holdings to $1.27 (US$0.92) from $1.58 because of heightened risk aversion as reflected in the recent decline of Chinese stocks listed in Singapore.

Watch out for Economic News Release Today:

  1. U.S NAHB Housing Market Index (July)

Corporate Announcements:

  1. Olam notified NZ Farming Systems Uruguay Limited of its intention to make a cash offer at NZ$0.55 per share for all of the shares that it does not already own.
  2. Captialand established two new indirect wholly-owned subsidiaries: ARCJ One Pte. Ltd. and ACRJ One Investments Pte. Ltd

News Updates:

  1. General Electric net climbs 16% as GE Capital profit recovers
  2. Bank of America posts lower quarterly net; blue chip stresses lower credit costs
  3. Citigroup posts lower quarterly net and revenue; provisions for credit losses again drops
  4. U.S. consumer prices dip 0.1% in June for third straight monthly decline
  5. U.S. stocks open lower Friday; notable decliners include Google, off 5%, and B. of A., 6%; U.S. stock declines steepen; Dow industrials down more than 200 points; U.S. stocks finish week down 1% after Friday losses
  6. Apple CEO Jobs on iPhone 4 reception issue: ‘We aren’t perfect’; 3 million-plus units sold
  7. Regulators shutter six banks, tallying 96 failures so far in 2010

Afternoon Highlights

Index traded higher in afternoon session…

News Updates:

  1. STATS ChipPAC Ltd. announced that it has on Monday drawn down US$150 million under the Credit Facility to redeem all US$150 million in outstanding principal amount of its 7.5% Senior Notes due 2010 at their maturity.
  2. US fund manager Templeton, one of Parkway Holdings’ largest institutional shareholders, has cut its stake in the Singapore healthcare firm to 4.97%, down from 5.04% previously, after selling about 357,000 shares between July 8 and July 14, Parkway said in a disclosure to the Singapore Exchange. – REUTERS
  3. India’s June exports rose an annual 30% to US$17.75 billion, for the eighth straight month, Trade Secretary Rahul Khullar said on Monday.
  4. The eurozone’s balance of payments slipped further in May to show a deficit of 5.8 billion euros (US$7.5 billion), the European Central Bank said on Monday.

In Summary,

STI closed lower, down 12.30 points to 2945.42, with 1.0263 billion traded. Losers led gainers 280 to 121.

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