Singapore Stock Market Updates On 06/08/10

Morning Highlights

Singapore Stock prices fell slightly in opening trades after disappointing US economic data, including an unexpected rise in jobless claims and unimpressive July retail sales. STI opened at 3004.24 and fell below 3000 shortly.

Other Asian Markets were also weighed down. Investors are trading cautious ahead of key U.S. jobs data.

Watch out for Economic News Release Today:

1. U.S. Change in July Non-farm Payrolls
2. U.S. July Unemployment Rate
3. Results Earnings from AIG

Corporate Announcements:

1. Tiger Airways announced 1Q 11 net profit of S$1.9 million, compared to a net loss of S$6.0 million same quarter last year.
2. NOL announced 2Q 10 net profit of US$100.4 million, compared to a net loss of US$146.3 million same quarter last year.

News Updates:

1. US mortgage rates fell in the past week to the latest in a series of record lows amid concerns about the state of the economy, according to a survey released on Thursday by Freddie Mac. Interest rates on US 30-year fixed-rate mortgages, the most widely used loan, averaged 4.49% for the week ended Aug 5, down from the previous week’s 4.54% and its year-ago level of 5.22%, according to the survey.
2. Initial claims for state unemployment benefits rose 19,000 to a seasonally adjusted 479,000 in the week ended July 31, the Labour Department said. That was the highest level in claims since early April.
3. The Bank of England held its key interest rate at a record-low level of 0.50% on Thursday amid fears of renewed recession in Britain despite a recent upturn in growth.
4. China Taisan Technology Group Holdings Limited said on Thursday that it has submitted an application to the Taiwan Stock Exchange (TSE) and the Taiwan Central Bank to list up to 125 million Taiwan Depository Receipts (TDR). The TDR is equivalent to 250 million shares, based on a proposed ratio of each TDR representing 2 ordinary shares.
5. U.S. stocks edge lower; wheat surges 8% to 23-month high; gold streak hits 7
6. Senate confirms Kagan to U.S. Supreme Court on 63-37 vot

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)