Morning Highlights

STI gapped down 43.02 points at 2948.66 after sell-off on Wall Street, following S&P downgrade of Greece’s and Portugal’s sovereign ratings.

Most of the Asian Markets were sharply lowered too on Europe debt worries.

  • Broadway broke 1.1

Corporate Announcements

  1. Yangzijiang announced 21% growth year-on-year in 1Q10 net profit to RMB586.4 million.

 News Updates:

  1. Japan March retail sales jump 4.7%.
  2. DuPont hikes outlook, reports ‘strong’ first-quarter EPS‏
  3. Ford returns to profit in first quarter with $2.09 billion net‏.
  4. Dow component 3M raises profit and sales forecast for 2010‏.
  5. U.S. home prices up 0.6% in past year: S&P/Case-Shiller data‏.
  6. U.S. consumer confidence rises to highest level since September 2008‏
  7. IBM ups quarterly cash dividend 18%; board allocates $8 billion to share buyback‏.
  8. Market-volatility gauge soars more than 20% as sovereign-debt fears spike‏; Dow industrials fall 213 points in biggest one-day loss since Feb 4.‏
  9. Greece’s credit rating cut to junk status by S&P‏; Contagion fears rattle European markets as Greek stocks plummet 7%‏. German officials insist Greece must outline further steps to cut its budget deficit before they will endorse the release funds from a 45 billion euro rescue package (Bloomberg).
  10. Australian inflation rose slightly ahead of forecasts in the first quarter of 2010, climbing to 2.9% yoy and 0.9% in Q1.

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 SIAT Singapore Airport Terminal Services Ltd 2.93 2.74 3.12  
2 UTES United Engineers 2.65 2.51 2.79  
3 STAR Starhub Ltd 2.44 2.34 2.54  
4 WPSL Wheelock Properties Ltd 2.13 1.93   2.33  
5 KSTL KS Energy Services Ltd 1.46 1.32   1.60  
6 TRKL Trek 2000 International 0.39 0.34 0.44
7 KPLM Keppel Corp Ltd 10.54 10.04 11.04
8 SGXL Singapore Exchange Ltd 8.46 8.27 8.65
9 SCMN Sembcorp Marine 4.51 4.41 4.61
10 SCIL Sembcorp Industries Ltd 4.46 4.28 4.64
11 MOIL Mandarin Oriental International 1.77 1.64 1.90
12 PTGL Pteris Global 0.31 0.255 0.365  
13 SCOF Super Coffeemix Manufacturing 0.83 0.78 0.82 0.88 LOSS – CLOSED at 0.8125

Stock Prices last updated at 17.05 (Singapore Time)

Afternoon Highlights

Singapore market tend to be choppy and trending downwards due to Greece credit. Our Market Sentiment has shifted from bullish to neutral.

  • MAS says inflation could hit 4% in Q4

News Updates:

  1. Athens Stock Exchange moves to ban short selling; cites market conditions.
  2. Fears over Europe’s sovereign debt continue to plague bourses. Greece bans short selling.
  3. Debt-stricken Greece is unlikely ever to be in a position to pay back loans from Germany currently under consideration to help it solve its problems, an influential German economist said on Wednesday.

In Summary,

Market down 59.64 points to close at 2932.04, with 1.7222 billion traded. We advise to stay of the market for the time being. Watch out for Support at 2900.

gU5ByGXxhJY