Singapore Stock Market Updates On 07/07/10

Morning Highlights

Singapore market opened almost unchanged, with STI at 2864.24 . All the other Asian shares are mostly lower as Tuesday’s weak U.S. data continued to raise concerns about the pace of the global economic recovery.

• ES Group is launching IPO, 21.2 million new placement shares  shares not offered to public
• Singapore’s advance second-quarter Gross Domestic Product data will be released on July 14 at 8am (0000 GMT), the government said on Wednesday.

Watch out for Economic News Release Today:

1. Euro-zone 1QGDP

Corporate Announcements:

1. Golden Agri refutes the latest allegations by Greenpeace in its report “How Sinar Mas is Pulping the Planet”.

News Updates:

1. U.S. stock benchmarks surge to gains of 1% or more in first minutes of trading on Wall Street; U.S. stock benchmarks turn negative; Dow off 10 after forfeiting triple-digit run-up
2. U.S. services sector still expanding in June; ISM’s 53.8% reading is lower than forecast.
3. US Treasury secretary Timothy Geithner said on Tuesday he was confident the US economy would continue to grow as it repairs damage from the financial crisis, but conceded that recoveries are ‘never even, never steady’.
4. China has no plans to launch a new round of property market tightening in the third quarter, a senior official said in remarks published on Wednesday, refuting earlier media reports.
5. Japanese shares push lower in early trading despite overnight gains on Wall Street, with shipping shares and telecoms among the leading decliners. But Renesas gains after news of its Nokia deal.
6. Hong Kong shares pull back, sending the Hang Seng Index back below the 20,000 mark, with global growth concerns pushing mainland Chinese resource shares lower.

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)