Singapore Stock Market Updates On 14/05/10

Morning Highlights

Singapore market started weak following U.S. overnight losses. STI down 11.94 points to open at 2855.98. Market 2,867.73

Lookout for U.S. Economic News Release For Today: April Advance Retail Sales, April Industrial Production, March Business Inventories.

Next, Hong Kong will be releasing its Q1 GDP number – expected to grow 7.5% according to a Bloomberg poll of 5 economists.

Corporate Announcements

1. Swiber announced 32% decline year-on-year in 1Q10 net profit to S$8.1 million.
2. Tiger Airways announced FY10 net profit of S$28.2, versus a loss of $50.8 million loss last year
3. Noble announced that Macarthur has dropped the bid for Gloucester on mutual agreement.
4. Olam announced 30.1% growth year-on-year in 3Q10 net profit to US$267.2 million.
5. Genting announced 1Q10 net loss of S$396.3, versus a loss of $31.8 million loss in 1Q09.
6. Chemoil suffers Q1 US$13.5 million loss

News Updates:

1. U.S. Initial Jobless Claims decline to 444,000 last week; 4-week moving average off 9,000‏.
2. New York prosecutors are probing eight firms over whether they misled ratings companies about mortgage-backed securities, according to a person familiar with the matter.
3. U.S. stocks finish lower after losses accelerate late in session as led by banks and technology companies; Dow off 115‏ while Cisco retreated 4.5% to $25.53‏.
4. Japanese shares fall in early trades, with Sony hitting worst intraday level since February after a disappointing forecast, but rival Pioneer  rose 6.9%.
5. Pioneer reported a much narrower net loss for the fiscal 4Q, and said it expected its first net profit in seven years for the current fiscal year ending March 2011.

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Stock Prices last updated at 9.05 (Singapore Time)