Morning Highlights

Singapore stocks climbed higher after China’s decision over the weekend to allow greater flexibility in the yuan’s exchange rate, with STI gapped up 29.37points to open at 2862.77.

  • F&N broke 5, lookout for resistance at 5.10
  • Yanlord broke 1.76

Corporate Announcements:

  1. Midas clinched a high-speed train contract worth RMB59 million.

News Updates:

  1. Gold rises to record close of $1,258.30, gains 2.3% on the week.
  2. U.S. stocks close higher, posting second week of more than 2% gains.
  3. The S&P 500 staged a rebound 2 weeks ago after economic data pointed to strength in U.S manufacturing and concern eased that Europe’s debt crisis and China’s efforts to cool its economy will derail the global recovery. (Bloomberg)
  4. China kept the yuan exchange rate unchanged on Monday, an official foreign exchange website said, despite a weekend pledge by the central bank to make the currency more flexible.

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)

Symbol

Name

Entry

SL

TSL

TP

Remarks

1 SFLD Stamford Land Corp Ltd 0.52 0.47 0.57
2 OSIL OSIM International 0.93 0.875 0.985 Triggered, Current Price at 0.94
(resistance at 0.99)
3 HLAA Hong Leong Asia 3.55 3.47 3.63 Triggered, Current Price at 0.3.57

Stock Prices last updated at 17:05 (Singapore Time)

Afternoon Highlights

Market is choppy but advance on the upside. 

  • MAS said on Monday China’s move to make the renminbi more flexible would not have an influence on the Republic’s exchange rate regime
  • SIA Engineering broke 3.96

News Updates:

  1. China’s yuan exchange rate hit its highest level against the American dollar in five years on Monday, after policymakers pledged at the weekend to make the currency more flexible, Dow Jones Newswires reported. The yuan surged to 6.8089 to the US dollar on the nation’s main foreign exchange trading market, its highest since July 2005.

In Summary,

Index up 52.24 points to close at 2885.64, with 1.5341 billion traded. Gainers led losers 413 to 109.

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