Morning Highlights
Property and China are still the weaker Sectors to focus…
STI opened up 10.30 points, or 0.39%, at 2661.25, alongside with the Wall Street rally. Dow finishes up 61 points and gold ends at $1,055 an ounce after notching intraday record. Malaysian shares also rose on with the key FTSE-Bursa Malaysia Kuala Lumpur Composite Index up 4.50 points, or 0.37%, at 1,234.59.
Straits Asia off 0.15 since morning. Reason being after several days of continuous rain, there has been a significant erosion along the Mahakam River foreshore at the end of the new load out facility at Straits Asia’s Jembayan mine. As a consequence there has been a failure of the foundation structure under this facility. (There is a short term bearish signal on this stock)
Ramba Energy broke high 0.63, to wait for setup
SINGAPORE (MarketWatch) — Singapore’s Oversea-Chinese Banking Corp. (O39.SG) has submitted a bid for acquiring the Asian private banking assets of ING Groep NV /quotes/comstock/13*!ing/quotes/nls/ing (ING 18.26, +0.00, +0.01%) , a person familiar with the situation said Friday.
Another person familiar with the situation had earlier told Dow Jones Newswires that ING’s private banking assets in Asia are expected to fetch $1.5 billion.
VENICE (Italy) – The European Central Bank cautioned against hopes of a speedy economic recovery after leaving benchmark interest rates at a record low 1.0 per cent on Thursday for the fifth month in a row.
U.S. – The Commerce Department said on Thursday that wholesale inventories fell 1.3 per cent in August, worse than the 1 per cent drop economists had expected. That followed a 1.6 per cent drop in July initially reported as a 1.4 per cent decrease. But sales at the wholesale level rose a better-than-expected 1 per cent, the fifth straight gain and the largest increase since June 2008.
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)
|
Name |
Entry |
SL |
TSL |
TP |
Remarks |
|
| 1 | TRDR | Trump Dragon | 0.675 | 0.615 | 0.735 | To enter with small risk |
Bearish Stocks (Singapore)
|
Symbol |
Name |
Entry |
SL |
TSL |
TP |
Remarks |
|
| 1 | FRNM | Fraser & Neave | 3.81 | 3.93 | 3.69 | Overnight – Current Price at 3.88 | |
| 2 | STAR | Starhub Ltd | 1.93 | 2.04 | 1.82 | ||
| 3 | CTDM | City Development | 9.69 | 9.99 | 9.39 | ||
| 4 | UTOS | UOL Group | 3.24 | 3.36 | 3.12 | ||
| 5 | WTH | Wing Tai Holdings | 1.56 | 1.21 | 1.91 | Watch out | |
| 6 | SWBR | Swiber Holdings | 0.785 | 0.865 | 0.705 | ||
| 7 | CXLX | China XLX-Fertiliser | 0.41 | 0.465 | 0.355 | ||
| 8 | COSC | Cosco Corp Singapore | 1.12 | 1.21 | 1.03 | ||
| 9 | YAZG | Yangzijiang Shipbuilding | 0.92 | 0.965 | 0.875 | ||
| 10 | SWIS | Swissco International | 0.74 | 0.81 | 0.67 | ||
| 11 | AUSG | AusGroup Ltd | 0.67 | 0.725 | 0.615 | ||
| 12 | PPFH | Peoples Food | 0.69 | 0.735 | 0.645 | ||
| 13 | Mandarin Oriental | 1.23 | 1.31 | 1.15 | |||
| 14 | ECSH | ECS Holdings | 0.445 | 0.50 | 0.39 |
Stock Prices last updated at 17.20 (Singapore Time)
Afternoon Highlights
Ascott REIT broke high of 1.01 – watch out for setups
CDL Hospitality Trust broke high of 1.53 – watch out for setups
New setups formed for F&N. New traders can look for a short at 3.79, stop loss at 3.93 and take profit at 3.65.
China’s Shanghai Composite Index rallied 4.8% on Friday, with investors’ trade inspired by valuations that had slipped against other regional markets during the more-than-week-long closure to mark the National Day holidays.
In Summary
The Straits Times Index closed at 2652.51, rising 1.56 points from yesterday’s close. A resistance is seen at 2661.69. The volume for today is very dry with only 1.879 billion traded compared to 2.165 billion in yesterday’s session. On the hindsight, volume has reduced significantly indicates weak buying momentum and that trading has been very cautious for the week.
Based on the 15 Minute Chart, we can see that index has went to a high of 2661.69 and subsequently being sold down to a low of 2642.33. We had a quick recovery from the drop but index did pause before 2661.69 and closed at 2652.51 today.
On the Weekly Chart, market is seen consolidating between 2521.36 – 2707.24.
On the Daily Chart, lower highs are formed, therefore, we conclude that market is downward biased. Hence, do lookout for next week market’s performance for directions.
Quote of the Day
“Along with success comes a reputation for wisdom.” – Euripides
