Singapore Stock Market Updates On 28/06/10

Morning Highlights

Singapore shares traded nearly unchanged, with STI opened up 3.09 points at 2854.73.

• Sound Global lifted trading halt – The Company would like to refer its shareholders (“Shareholders”) to the proposed dual primary listing of its ordinary shares (the “Shares”) on the Main Board of The Stock Exchange of Hong Kong Limited and the proposed global offering of new ordinary shares in the capital of the Company (the “Global Offering”) to be held in conjunction therewith. The Company has determined that the Global Offering…. (Read Full)

Lookout for Economic News Release Today:

1. U.S. May Chicago Fed National Activity Index (tracks the economic activity and inflationary pressures in the U.S), June Personal Income and Dallas Fed Manufacturing Activity in June

Corporate News:

1. UOB has allotted and issued 24.4mnnew ordinary shares to eligible shareholders who had elected to participate in the scrip dividend scheme in respect of the final one-tier tax-exempt dividend of 40 cents per ordinary share for the financial year ended 31 December 2009. The new shares are expected to list on June 28. Shareholders who did not participate in the scheme were to be paid the final dividend in cash on June 25.
2. Sound Global will postpone its proposed dual listing in Hong Kong, with no date given. It had initially planned to sell 261mn shares at a max price of HK$5.60 through an IPO on July 6 in Hong Kong. Sound Global will resume trading this morning.
3. CapitaMalls Asia’s IPO of CapitaMalls Malaysia Trust in Malaysia, expected to list on July 16 will have a retail offering of 67.5mn units at an indicative price of RM$1.08 per unit and 786.5mn shares for institutional investors with an additional 15% over-allotment option.

News Updates:

1. Japan May retail sales rise 2.8% year/year
2. Japan’s Nikkei edged up slightly on Monday, finding little support ahead of a slew of key economic data this week, including unemployment and industrial output.
3. Australian shares opened higher but then lost momentum in early Monday trading, with modest strength in financials contrasting with a mixed performance in the key resource sector.
4. World leaders at the Group of 20 summit wrapped up two days of talks in Toronto on Sunday, agreeing that the largest economies should strive to cut their deficits in half by 2013.
5. U.S. stocks suffer first weekly decline in three; Nasdaq is biggest loser
6. U.S. consumer sentiment rises to a two-year high
7. Final revision of U.S. GDP shows 2.7% first-quarter growth rate, down from 3.0% previously
8. House, Senate negotiators approve sweeping bank reform bill

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Stock Prices last updated at 10:05 (Singapore Time)