Singapore Stock Market Updates On 18/05/10

Morning Highlights

Singapore Market started slightly higher with STI up 3.7 points to open at 2837.39. Most of the Asian shares are up but markets remain cautious…

Lookout for Economic News Release For Today:

1. U.S. April PPI and  April Housing Starts
2. Euro-zone’s Trade Balance in March and April PPI
3. Hong Kong’s April Unemployment Rate

Corporate Announcements

1. Noble announced that its subsidiary Noble Petro Inc. has agreed to purchase Northville Product Services (NPS), which main business include blending, trading, distribution and marketing of refined petroleum products.
2. Olam increased its stake on New Zealand Farming Systems Uruguay from 14.35% to 18.35%.

News Updates:

1. GM reports first quarterly profit since 2007‏

2. Crude falls 2% Monday to close at a 5-month low of $70.06 a barrel‏

3. Stocks turn briefly positive after Dow erases nearly 200-point decline after late-session turnaround‏.

4. The euro climbed 0.3% to $1.2397 at 4:38 p.m. in New York after sinking as low as $1.2235.

5. The ECB said it will invite banks to deposit cash with it for one week to prevent its purchases of government bonds from swelling the money supply and fueling inflation. The unprecedented buying of government and corporate debt is aimed at stabilizing financial markets after Greece’s fiscal crisis spread to Portugal and Spain, driving up bond yields and threatening the euro.

6. AXA Asia said will consider terminating its support for the A$13.29 billion takeover bid from National Australia Bank Ltd if it has not won the endorsement of Australia’s competition regulator by the end of this month.

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)

Bearish Stocks (Singapore)

Stock Prices last updated at 9.53 (Singapore Time)