Morning Highlights

Singapore Market Opens Strong

STI up 26.23points, or 0.97%, and opened at 2734.71. The market started strong after the Dow surged past the 10,000 point barrier.

SGX will kick off the earnings season as the first major name to report its 1Q2010 results after market close today. Macquarie Research Equities (MRE) in a note published about SGX on Monday October 12, estimated net profits of S$99.1m for the quarter, up 17.3% YoY and 8.7% QoQ… (Read More)

OCBC Trading Halt – pending announcement

Singapore’s third-biggest bank OCBC announced its arrival as a serious wealth player after clinching a surprise deal to buy Dutch ING’s private banking unit in Asia for US$1.5 billion (Business Times)

Please note that we did not enter the position for HYFLUX as it opened on the breakout price but failed to hold. Furthermore, market is also trading high which we deem that a retracement is soon to be seen.

US News Update

NEW YORK – JPMorgan Chase & Co’s quarterly profit rocketed to forecast-beating US$3.6 billion as bond trading revenue surged, boosting optimism about a strengthening rebound in top Wall Street banks. Surprising strong earnings from Intel Corp further strengthen the investors’ confidence and sent US stocks trading sharply high. For the first time in more than a year, the Dow has passed the 10,000 barrier.

On the downside, retail sales declined in September by the largest amount this year as car sales plummeted following the end of the government’s popular Cash for Clunkers program. (source from MSNBC)

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)








1 HKLD Hong Kong Land 4.75 4.63 4.87 PROFIT – CLOSED at 4.76
2 RAMB Ramba Energy 0.72 0.655 0.785 Overnight, Current Price at 0.70

Stock Prices last updated at 17.05 (Singapore Time)

Afternoon Highlights

Our Focus For Today Is On Property Sector

There are some mid term holding opportunities for property shares.

  1. Fraser & Neave – Buy at 4.02, Stop Loss at 3.76
  2. Allgreen Properties – Buy at 1.21, Stop Loss at 1.04
  3. City Development – Buy at 10.50, Stop Loss at 9.55
  4. Wing Tai Holdings – Buy at 1.75, Stop Loss at 1.55
  5. Ezra – Buy at 2.08, Stop Loss at 1.66
  6. Lookout for Keppel Corp

Ezra trading halt, Pending release of announcements on the unaudited results for the financial year ended 31 August 2008 of EOC Limited and Ezra Holdings Limited.

Please note that we will not be entering any new short term positions for today as the we deem that market has been trading high, hence, a retracement is soon to be seen. Therefore, we have removed all Quick Picks and left only the property shares which we advise for mid term holding.

In Summary,

Singapore Market has successfully breached the 2700 resistance yesterday and opened higher at early hours today. As we trade towards the last hour of the afternoon session, market went into retracement and gave up most of its gains and close near to today’s low of 2708.25

STI closed at 2712.15, up 3.67 points from yesterday’s close. Total volume traded is 2.678 billion. Though we expect the market to retrace further, the bullish sentiment is still intact. Wait for a pullback and re-enter new trades when the uptrend resume.

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Other News Updates

  • Singapore Exchange posted on Thursday an 11% rise in its 1st quarter net profit which is broadly in line with forecasts, driven by a recovery in stock-trading volumes. (Business Times)
  • Ezra stands firm through volatile economic times, PATMI increases by 80% to US$70.1m

    • Revenue upped 23% to US$329.4m on strong results from all the three core divisions

    • Ezra eyes Arctic region to further develop its deepwater subsea services arm

  • Japan’s Nikkei stock average rose 1.8% to a 3-week closing high today, led by exporters and technology shares after robust US company results and retail sales data boosted optimism about an economic recovery. (Business Times)
  • European shares rose modestly to record another fresh annual high on Thursday, as investors picked up on optimism from across the Atlantic after the Dow Jones Industrial Average closed over 10,000 for the first time in a year. (Market Watch)