Singapore Stock Market Updates On 22/01/10

Morning Highlights

Singapore Share prices fell across the board in opening trade as dragged by losses on Wall Street, with the STI  gapped down 44.16 points at 2806.8.

Dow industrials down 200 points as materials sector paces sell-off‏. There was no escaping the downdraft from U.S. President Barack Obama’s proposal Thursday to limit banks’ risk-taking.

The concern over lending in China and banking reforms in the U.S also overshadowed better-than-estimated earnings at companies from Starbucks Corp to Xerox Corp and EBay Inc which sent U.S shares higher at the start of trading (Bloomberg). 

News Updates:

1. US leading economic indicators rose 1.1% in December.
2. Initial claims for state unemployment benefits rose 36,000 to a seasonally adjusted 482,000 in the week ended Jan 16, the Labour Department said, rising for a third straight week.
3. Google makes almost $2 billion in profit on a 17% increase in sales‏.
4. Goldman Sachs Group Inc dramatically changed course on pay, setting aside nothing for compensation in the fourth quarter and instead giving US$500 million to charity.
5. American Express profit nearly triples; company sets aside less cash to cover loan losses‏.
6. Sinotel said it will place up to 28 million new shares at S$0.5755 each with with UOB Kay Hian Private Limited
7. Mapletree  reported a net property income of S$44.9 million for Q4 ended Dec 31, 2009, 0.4% less than in a year ago.
8. CMT’s Q4 distributable income jumps 25.5% to $76.5m.

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)

Here’s Our Mid Term Holding Opportunities:

Stock Prices last updated at 9:21 (Singapore Time)