Morning Highlights

Singapore market gapped up after modest gains from overnight Dow Jones. 3043.28 has turned into support for the time being.

Watch Out For Economic News Today:

  1. HK 2Q Industrial Production
  2. U.S. September Philadelphia Fed Manufacturing

Corporate Announcements:

  1. Ezra announced that Casadilla Group Pte Ltd, a 50:50 dormant jointly held entity incorporated in Singapore, has been placed under members’ voluntary liquidation.

News Updates:

  1. U.S. Industrial output increases for 14th consecutive month.
  2. Dow industrials up 30 points as US stocks fend off early weakness.
  3. US stocks finish higher as gains accelerate late in day ; Nasdaq up for sixth session

Analyst’s Recommendations :

  1. MS upgraded Singtel to Overweight ; $3.60 Target (2010/09/16 08:36AM)
  2. Citi ups Genting Singapore Target to $2.45 ; Buy (2010/09/16 08:54 AM)

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)

 

Symbol

Name

Entry

SL

TSL

TP

Remarks

1

HKLD

Hong Kong Land

6.15

5.74

 

6.56

  
2 GENH.SI Genting Hong Kong 0.515 0.435 0.595 Broke Out but be cautious when trading
3 GENT Genting Singapore 2.01 1.82 2.20 Broke Out but be cautious when trading
4 MONE MobileOne Board 2.32 2.21 2.43
5 OVES Overseas Union Enterprise Ltd 3.08 2.92 3.24
6 MIDA Midas Holdings 1.04 0.945 1.14
7 TRKL Trek 2000 International 0.54 0.465 0.615  

Stock Prices last updated at 17:05 (Singapore Time)

Market Commentary from MF Global:

Wall Street ticks up but trading range-bound (reuters) – US stocks rose on Wednesday but remained stuck in a recent trading range as disappointing economic data hindered the S&P 500 from breaking through 1,130 a key technical level. The Dow Jones industrial average gained 46.93 points or 0.45%, to end unofficially at 10,573.42. The Standard & Poor’s 500, rose 3.99 points, or 0.36% to end unofficially at 1,125.09. The Nasdaq Composite added 11.55 points, or 0.50% to close unofficially at 2,301.32.

Japan may sell Yen for second day to protect economy (Bloomberg) – Japan may intervene in the foreign-exchange market for a second day to stem the yen’s gain to a 15-year high against the dollar and protect its exporters. Chief Cabinet Secretary Yoshito Sengoku said the finance ministry “seems to think : 82 yen per dollar to be the line of defense, after it reached 82.88 yen yesterday. Government officials speaking on condition of anonymity have previously said volatility was a bigger concern than the level. Officials said Japan may continue selling the yen in the US and into today’s Tokyo trading if needed.

In Summary

Market finished off 3.92 points, with STI closed at 3067.21 with 1.9266 billion traded. Sharp pullback is seen during the last 30 minutes of trading.

  • Tiong Woon broke 0.45

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