Singapore Stock Market Updates On 03/06/10

Morning Highlights

Singapore Market open strong on overnight Wall Street gains and optimism surrounding the U.S. economic recovery. STI gapped up 38.33 points, or 1.4%, to open at 2765.90.

Lookout for Economic News Release For Today:

1. Hong Kong May PMI Manufacturing numbers
2. U.S. ADP Employment Change figures in May
3. U.S. April’s Factory Orders

Corporate Announcements:

1. Prudential announced the termination of agreement to combine with AIA Group Limited.
2. SGX said its derivatives market will start trading the new SGX Nikkei Dividend Point Index futures from 17 June, making SGX the first Asian exchange to trade a dividend futures contract
3. Cosco announced the delivery of two units of bulk carrier to its European buyers. It also secured two contracts totalling over US$100mn to convert two Large Carrier tankers to Floating Production Storage and Offloading vessels.

News Updates:

1. The US Commerce Department is seriously considering investigating US industry charges that China’s ‘undervalued currency’ is an illegal trade subsidy, Commerce Secretary Gary Locke said in a letter obtained by Reuters on Wednesday.
2. U.S. Pending Home Sales up 6% in April.
3. U.S. stocks rallied Wednesday to reclaim most of the losses suffered during a two-session retreat; Dow Jones Industrial Average’s rose 2.3% which is its third-biggest one-day gain this year.
4. Toyota US sales rose 6.7 % in May from a year earlier after being plagued by massive safety recalls earlier this year.
5. Japan’s Hatoyama said he’ll step down, less than two months before elections, raising concerns that the world’s second- largest economy will continue to sputter at the same time that China takes steps to cool growth and Europe struggles amid record deficits; The yen fell against the dollar and euro in Asian trade denting investor confidence…
6. China inflation could hit 3.7 percent in 2010: state media
7. Prudential confirms AIG deal terminated, and said it would pay AIG a termination fee of £152.6 million.
8. Gold futures halted a winning streak at six sessions, falling $4.30 to end at $1,222.60 an ounce. Crude futures edged higher to finish at $72.86 a barrel.

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)