Morning Highlights

Singapore Market continues to head downhill  after Wall Street closed lower overnight on fears that the Euro debt woes would spread. STI slid 15.39 points to open at 2844.92, below support level at 2850. The next support is seen at 2800. 

Tokyo shares sink, with the Nikkei 225 Average touching its lowest intraday level (dropped more than 3%) since mid-March as the market returns from holiday.

Watch out for U.S. economic data to be released today: ECB interest rate announcements.

  • DBS and UOB will both report their first quarter results on Friday 7th May 2010.
  • UOL broke down 3.66
  • Supper Coffeemix, for those who have missed the entry like we did, new setup – to buy at 0.92, Stop Loss at 0.87, Target Profit Level at 0.97

 News Updates:

  1. ADP survey shows private-sector payrolls rise 32,000 in April, slightly less than forecast‏.
  2. Retreat in crude futures accelerates as June contract breaks below $80-a-barrel mark‏.
  3. Nasdaq again leads U.S. benchmarks in retreat; Dow industrials slash early decline‏.
  4. Dow industrials up 20 points after erasing 107-point decline‏; Afternoon selling wave sees Dow industrials again down 100 points‏.
  5. The euro declined as much as 1.4% against the dollar to $1.2804, its weakest level since March 2009

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 SIAE SIA Engineering 3.78 3.66 3.90 CANCELLED
2 PTGL Pteris Global 0.31 0.215 0.405  
3 SCOF Super Coffeemix Manufacturing 0.90 0.85 0.95 Broke out too fast.. revised entry
4 BANY Banyan Tree Holdings 0.84 0.785 0.895  

Stock Prices last updated at 17.05 (Singapore Time)

Afternoon Highlights

Index slipped further during the afternoon session but recovered from the dip from 15:30 onwards. We have now shifted our market sentiment to neutral with bias on the downside.

  • Hyflux broke down 3.10
  • Wheelock broke down 1.83
  • CWT’s Q1 net profit up 27%
  • Hersing’s Q1 net profit surges on property sales

News Updates:

  1. Japan’s Nikkei Average ends morning trade down 3.2%, with banks, trading firms falling.
  2. Hong Kong Stocks fall 2% below 20,000 points as property slumps
  3. Swire Properties, the property unit of Swire Pacific, has shelved its Hong Kong IPO plan for about US$2.7 billion due to insufficient demand, Dow Jones cited an unidentified source as saying.
  4. Euro tumbles to 1.2737 dollars, the lowest level for more than one year on Thursday as deadly protests in debt-plagued Greece cast a shadow over the future of the eurozone and the single currency, dealers said.

In Summary,

Index shed 20.66 points to close at 2839.55, with 2.1437 billion traded.

After declining more than 1.6%, index start to recover towards the last one and half hours of trading. This could probably mark the end of the selling.

High chance that we will see index consolidating from this point onwards. Nonetheless, do take note of the low created today at 2812.65.

On a final note, European shares seem to be more steady today after a week of selling, with BNP Paribas leading banks higher on better-than-forecast results while Alcatel-Lucent shares skidded. We shall wait and see how it performs later of the day.

 

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