Singapore Stock Market Updates On 23/08/10

Morning Highlights

Singapore market opened slightly lower, with STI at 2934.72. On the other hand, shares in Sydney is resilient despite uncertainty over who would form Australia’s next government after the country’s federal election resulted in a hung parliament

Watch Out For Economic News Today:

1. Singapore July CPI (July CPI up 3.1%)
2. Euro-zone August PMI Manufacturing

Corporate Announcements:

1. Wilmar announced the acquisition of a Singapore sugar trading company, Windsor & Brook Trading Pte. Ltd. and Indonesian sugar refiner PT Jawamanis Rafinasi.
2. Olam will invest US$12 million equity in a Special Economic Zone development project in Gabon for a 60% stake in a Joint Venture with the local government.
3. Capitaland’s Ascott REIT has acquired S$1.39 billon portfolio of Asia and Europe properties from Ascott Ltd

News Updates:

1. European Central Bank council member, Axel Weber, told Bloomberg Television that the ECB should discuss waiting until the first quarter of 2011 to stop providing stimulus to the economy, spurring concern the region’s economy may struggle for the rest of the year. Revisions to U.S. economic growth are forecasted to show the expansion slowed even more in the last quarter, to 1.4% from the 2.4% preliminary estimate, a Bloomberg survey shows. (Bloomberg)
2. China Cinda Asset Management is leading a mainland Chinese consortium bidding for a stake in American International Group’s Asian arm, AIA, a report said on Monday.
3. Singapore Changi Airport July passenger up 16%

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)

Stock Prices last updated at 9:05 (Singapore Time)