Morning Highlights

U.S equity markets rebounded more than 1% overnight as manufacturing reports in the U.S, Europe and China showed the global economic recovery is accelerating. Singapore market followed suit the rise and broke above short term resistance at opening trade, with the key STI gapped up 26.29 points to 2762.46

Corporate Announcement

  1. Wilmar International’s listing application of its subsidiary Wilmar China Limited on the Hong Kong Exchange has lapsed. Wilmar said that it has no intention to submit a fresh listing application…
  2. Keppel Corp’s JV with J. Ray McDermott has secured a US$1 billion contract from the Papa-Terra JV, consisting of Petrobras & Chevron, to build and operate the P-61 Tension Leg Wellhead Platform.
  3. CapitalMalls Asia has acquired a 100% stake in CapitaRetail China Developments D18 (HK) Limited.

News Updates

  1. Obama proposed US$4 billion to capitalise an infrastructure bank that would help finance priority transport, water, communications, and other big-ticket construction projects
  2. The US manufacturing sector grew in January and at a faster rate than expected, highest since August 2004. The Institute for Supply Management (ISM) said its index of national factory activity rose to 58.4 in January from 54.9 in December.
  3. The Commerce Department said U.S. Construction Spending dropped 1.2% to US$902.5 billion, falling for a second straight month. November’s construction spending was revised down to show a 1.2% decline, instead of a 0.6% fall.
  4. US consumer spending rose slightly less than expected; up 0.2% after increasing by an upwardly revised 0.7% in November.
  5. Obama projected the U.S. budget deficit fiscal year to 30/09/2011, would soar to record US$1.56 trillion, challenging his push for fiscal responsibility while driving to defeat double-digit unemployment.

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. 

Bearish Stocks (Singapore)

Symbol

Name

Entry

SL

TSL

TP

Remarks
1 SIAT Singapore Airport Terminal Services 2.42 2.64 2.20
2 UOBH United Overseas Bank 17.88 18.40 17.36
3 DBSM DBS Group 13.98 14.46 13.50
4 OCBC Oversea-Chinese Banking Corp 8.07 8.37 7.77
5 CATL Capitaland Ltd 3.73 3.89 3.57
6 SCMN Sembcorp Marine 3.30 3.44 3.16
7 STRL Straits Asia Resources 2.09 2.25 1.93
8 IFAR Indofood Agri Resources 1.90 2.09 1.71
9 BANY Banyan Tree 0.695 0.76 0.63
10 SITT Sinotel Technologies 0.54 0.60 0.48
11 SINO Sinomem Technologies 0.465 0.54 0.39
12 SIAL Singapore Airlines 13.42 14.02 12.82
13 SCIL Sembcorp Industrials 3.42 3.60 3.24
14 WPSL Wheelock Properties 1.89 2.05 1.73
15 AEMN Ascendasreit 1.84 2.01 1.67  

Stock Prices last updated at 9.05 (Singapore Time)

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