Singapore Stock Market Updates on 03/11/09

Morning Highlights

The STI dipped down at open to 2641.72, down 3.71 points, but starts going up shortly as investors are picking up some shares. However, market remains choppy and we advise to stay on the sideline till further market confirmation.

On the DJIA chart, U.S. market is also experiencing choppy session. We will need to observe in the next few trading sessions, that is, if DJIA manages to breakthrough  9684.54, high chance that the STI will go down further.

Hong Kong shares moved in a narrow band around the break-even zone early today, with property developers dropping further on concerns about government measures to cool prices, though Swire Pacific Ltd rose on news it was considering a listing of its property division. The Hang Seng Index fell 0.1% to 21,595.74, and the Hang Seng China Enterprises Index slid 0.1% to 12,734.84. Swire jumped 4.7%, while Sun Hung Kai Properties Ltd lost 0.9% and Cheung Kong Holdings Ltd dropped 0.9%. Gains in mainland China were supporting the market, with the Shanghai Composite rising 1.2% on top of Monday’s 2.7% jump. (MarketWatch)

Corporate Announcement

Yangzijiang’s wholly-owned subsidiary Jiangsu New Yangzi Shipbuilding, has entered into an agreement with several strategic partners to incorporate a new company, Jiangsu Huayuan Metal Processing Co. Ltd in China with a registered paid-up capital of RMB 300mn.

Corporate Earnings Announcement Date

• Tue 3 Nov 09: Cosco Corp 3QFY09
• Wed 4 Nov 09: SembCorp Marine 3QFY09
• Fri 6 Nov 09: DBS 3QFY09
• Wed 11 Nov 09: Noble, Yanlord, IndoFood 3QFY09, SingTel 2Q09
• Fri 12 Feb 10: NOL 4QFY09

News Updates

• U.S. stocks make early gains, as Ford’s profit surprise sets positive tone‏
• U.S. purchasing managers index increase for October much stronger than forecast‏
• Following a 5-day decline, Straits Asia made a comeback yesterday as it surged 3.8% dod to $1.90. The company reported after market close last Friday its 3Q09 net income of $38.6 million, up 64.8% YoY and 80.1% QoQ
• After slipping off to a 20-week low of $2.94 last Friday, SingTel mustered a small gain of 0.7% dod yesterday at $2.96. Latest news is that SingTel has bought additional 1.52% stake in Indian telecom major, Bharti Airtel, and will pay up to 30.084 billion rupees (about US$600 million) (Bloomberg)

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)

Bearish Stocks (Singapore)

Stock Prices last updated at 10:30 (Singapore Time)

Here’s Our Mid Term Holding Opportunities for property shares.

1. Allgreen Properties – Buy at 1.21, Stop Loss at 1.04
2. City Development – Buy at 10.50, Stop Loss at 9.55
3. Wing Tai Holdings – Buy at 1.75, Stop Loss at 1.55
4. Ezra – Buy at 2.08, Stop Loss at 1.66
5. Lookout for Keppel Corp