Morning Highlights
There Are No Quick Picks For Today…
The STI gapped down 1.6% to open at 2607.42 at the start of the trading session. Index is trading lower after declines on Wall Street sapped investors’ appetite for risk. 2700 points has once again turned into a resistance level. Market will require heavy volume traded when it attempt to breakthrough and sustain above the 2700 level. As of now, the 2600 support is pretty strong but then again, it is too early to conclude. We will need further observation for clearer market direction.
On the other hand, Australian market is hitting 3-week lows and Japanese shares have also suffered broad losses in early Thursday trading in Tokyo, with oil and auto-maker shares among the bigger losers . NEC Electronics is also slumping on its downbeat earnings report but shares of Japan Airlines Corp is up 3.6% after the Nikkei reported that Japan’s government is considering legislation to guarantee loans for the ailing carrier.
New Zealand Banking down 1.7% after reporting an 11% drop in fiscal-year profit. Hang Seng Index falls 2.2% in opening moves.
Spot gold was at $1,028.70 a troy ounce, up $1.00 from the New York close.
Corporate Announcement
Noble Group completed a record US$2.4bn syndicated corporate loan – the largest in Asia Pacific. Proceeds from the loan will be for general corporate purposes.
Thur 29 Oct 09: NOL 3QFY09
Fri 30 Oct 09: UOB 3QFY09
Dividend Paid Dates
Fri 30 Oct 09: SGX (net final dividend per share of S$0.155
News Updates
-
The Fed, which has cut interest rates to near zero in an effort to pull the economy out of its worst recession since the 1930s, will begin to hike rates in mid-2010, said Jeffrey Kleintop, chief market strategist at LPL Financial.
-
U.S. new-home sales decline for first time in six months
-
U.S. monthly durable-goods orders register 1% rise
-
Japan industrial output rose for the seventh consecutive month in September, the longest streak of gains in more than 12 years, highlighting that the export dependent economy continued to emerge from its worst recession in decades on the back of overseas demand for Japanese cars, electronics and other-high end products.
Here’s Our Mid Term Holding Opportunities for property shares.
- Allgreen Properties – Buy at 1.21, Stop Loss at 1.04
- City Development – Buy at 10.50, Stop Loss at 9.55
- Wing Tai Holdings – Buy at 1.75, Stop Loss at 1.55
- Ezra – Buy at 2.08, Stop Loss at 1.66
- Lookout for Keppel Corp
