Singapore Stock Market Updates On 05/07/10

Morning Highlights

Singapore market is slightly higher, with STI up 10.88 points to open at 2855.07. However, as U.S. market is closed tonight, we expect our local market to be quiet in today’s trade.

2800 is a good support so far. Our market sentiment is bullish and uptrend is still intact. Any pullback is deemed temporary, lookout for 2900 resistance.

Corporate Announcements:

1. Wilmar acquired CSR Limited’s sugar and renewable business, Sucrogen Limited, for AUD$ 1.75bn.
2. SGX said that its commodities and clearing businesses continued to enjoy strong growth in June. Futures and Options average daily trading volume grew 5% year-on-year, while SGX S&P CNX Nifty Index Futures grew 44% year-on-year.
3. Noble has successfully acquired Northville Product Services and delivered US$70mn as partial payment consideration

News Updates:

1. India inaugurated a multi-billion-dollar airport terminal in New Delhi on Saturday – a shiny glass and steel symbol of the country’s aspirations as an emerging global power.
2. China Purchasing Managers’ Index for non-manufacturing sectors fell to 57.4 in June from 62.7 in May, the China Federation of Logistics and Purchasing (CFLP) said on Saturday.
3. China government raised its estimate of 2009 growth  from 8.7% – already the fastest among major economies – to 9.1%, boosting China’s economic output to the equivalent of US$4.98 trillion.
4. China is experiencing a ‘slight slowdown’ in growth but remains on track to achieve a 9.5% rise in GDP this year, a prominent government economist said in remarks published on Monday.
5. U.S. nonfarm payrolls contract by 125,000; June unemployment rate drops to 9.5%.
6. Dow falls for seventh straight session; stocks down 5% in biggest weekly loss since May 7.
7. Apple to update iPhone software to address signal complaints.
8. Australian market cheered by news of bids for Centennial Coal and CSR Ltd.’s Sucroge…
9. Japanese Prime Minister Naoto Kan’s Cabinet approval rate slipped in separate opinion polls by two major daily newspapers ahead of next Sunday’s upper house election. The Asahi Shimbun’s poll, released Monday, showed Kan’s Cabinet’s support rate at 39%, down from 48% in a poll taken late last month, and the disapproval rate rose to 40% from 29%. The Yomiuri Shimbun’s poll, also released Monday, showed the approval rate fell to 45% from 50% from last month, and the disapproval rate rose to 39% from 37%

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)