Singapore Stock Market Updates On 08/06/10

Morning Highlights

Singapore Market opened slightly higher amid concerns about the euro zone’s debt debt woes and the outlook for the global economy following last week’s weak US jobs data.

Other Asian stock markets are mixed as investors are still cautious after Wall Street weakened again on Monday and tentative buying from Seoul to Japan lacked conviction…

• Armstrong broke high of 0.405

Lookout for Economic News Release For Today:

1. U.S. IBD/TIPP Economic Optimism ( one of the indices to measure consumer confidence/optimism)

Corporate Announcements:

1. OCBC appointed United Engineers Ltd to redevelop the former Specialists’ Centre and Hotel Phoenix site.
2. Capitaland unveiled a series of initiatives in Vietnam to strengthen ties with local partners and communities. This includes signing a MOU for a training collaboration under Vietnam Ministry of Construction.
3. Sound Global proposed dual primary listing on the main board of the Stock Exchange of Hong Kong Limited.

News Updates:

1. General Motors Co (GM) said on Monday chief executive Ed Whitacre has been awarded stock in the government-owned automaker worth an estimated US$1.33 million as part of his previously announced compensation.
2. Chinese banks could sustain a drop in housing prices of up to 30% without non-performing loan ratios rising sharply, the China Securities Journal reported on Tuesday, citing banks’ stress test results.
3. Apple unveils newest iPhone with video-calling feature, starting at $199.
4. FCIC subpoenas Goldman over failure to provide documents causing financial stocks to turn lower… U.S. stocks fall with losses accelerating late in session; Nasdaq slides 2%.
5. Equities in the U.S. have plunged since April 23, with investors battered by the widening debt crisis in Europe. The S&P 500 fell% through June 4, led by 17% slumps by gauges of energy and commodity producers. Confidence in stocks is sinking to record lows in the options market even with the U.S. economy poised for its fastest growth in six years (Bloomberg)
6. Hungary’s government pledged to control the budget deficit and make structural changes to overhaul the economy as it further distanced itself from suggestions the country was facing a Greece-like crisis.

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.

Bearish Stocks (Singapore)

Stock Prices last updated at 9.05 (Singapore Time)