Singapore Stock Market Updates On 23/09/10

Singapore market inched up higher, with STI up slightly at 3.71 points to 3099.81. However, movement is rather erratic, hence, we advise to stay on the sideline for now. If we were to trade the picks, will be in small risks… Be cautious!

Please note that Hong Kong is closed today, resume tomorrow.

Watch Out For Economic News Today

1. Singapore August CPI
2. U.S August Existing Home Sales

Corporate Announcements:

1. Sembcorp Marine’s Jurong Shipyard will receive payment of $40 million from Societe Generale as final settlement of the disputed foreign exchange transactions.
2. Genting Singapore revised upwards its purchase price of the Group’s U.K. operations from GBP340 million to GBP351.5 million.

News Updates:

1. U.S. stocks fell, dragging the Standard & Poor’s 500 Index to its biggest decline in two weeks, as a weakening earnings outlook for technology and financial companies overshadowed speculation the Federal Reserve will take steps to bolster the economy..
2. U.S. home prices dropped 3.3% in July from a year earlier, the eighth consecutive decline, as foreclosed properties flooded the market. Prices fell 0.5% from June, more than the projected drop of 0.2% based on the median economist estimate in a Bloomberg survey
3. Adobe Systems Inc. tumbled 19% after estimating sales that missed analysts’ projections.
4. Chinese Premier Wen Jiabao pushed back on Wednesday against US pressure to revalue the yuan, as US lawmakers threatened to penalize China for keeping its currency artificially low.

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 11:20 (Singapore Time)