Singapore Stock Market Updates on 30/11/09

Morning Highlights

The STI opened lower on Dubai’s debt woes at 2754.02, down 0.3% from previous close.

Please note that today is end of month window dressing, future settlement!

Dubai World had requested last Thursday for a six-month delay in repaying a US$59m debt. The news has sparked off a regional selldown on last Friday.

The United Arab Emirates central bank on Sunday said that it was providing banks with extra liquidity, stressing its support to the banking sector.

Asian stock markets are then seen trading higher today as markets reacted to reassuring news over the weekend that suggested contagion from Dubai World’s debt crisis will be limited.  Financial stocks are rebounding in Australia, Korea and Japan after last week’s sharp selloff on the Dubai news.

Coming back to Singapore Market, we have just broke down morning’s low at 2740.40. High chance that market will be range bounded today.

Corporate Announcements
Yangzijiang will be included in the MSCI Singapore Index after market close today.

News Updates

• Morgan Stanley, Bank of America Corp. and Goldman Sachs Group Inc. lost more than 3.4%. They helped send financial institutions to the biggest drop among 10 industries in the Standard & Poor’s 500 Index after Dubai World, the state- controlled company with $59 billion of liabilities, said it’s seeking to delay debt payments. Alcoa Inc. slumped 3.6% as the Reuters/Jefferies CRB Index of commodities fell for the fourth time in five weeks. (Bloomberg)
• Dec. gold falls $3 to $1,171.20/oz on Globex
• Japanese industrial output rose 0.5% during October, official statistics showed Monday, with the result far less than a 2.5% forecast rise reported by Dow Jones Newswires. Compared to October 2008, industrial output was down 15.1%, the Ministry of Economy, Trade and Industry. The sub-sectors mainly contributing to the increase were general machinery, fabricated metals, and information and communication electronics equipment, according to the ministry.

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 10.53 (Singapore Time)