Singapore Stock Market Updates on 11/09/09

No Sector In Focus But Property Stocks Are Holding Well…

Morning Highlights

STI went up higher at the start of the morning trading session and retraced backwards to 2,679.75… Currently going through sideway consolidations, sustaining above support range between 2667.82 – 2676.54

While waiting for the market to clear, the focus for now is on individual stocks within the Oil & Gas, REIT and Property Sector. However, shares might enter consolidation too, though mid term trend is up…

• Keppel Corp is performing well –> wait for price breakout at 8.45
• HL Asia break high of 1.78 – to wait for setups
• HongKong Land broke high of 4.20 – to wait for setups
• People Food broke high of 0.785 in yesterday’s trading – to wait for setups but beware of the resistance at 0.855
• Guocoland is approaching the resistance at 2.40 – to wait for setups

 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.  <The Quick Picks referred herein contain overnight positions from Yesterday>

Bullish Stocks (Singapore)

Stock Prices last updated at 18.30 (Singapore Time)

Afternoon Highlights

We have removed SC Global from our Quick Picks… Cosmosteel has begin to run after the pause.. Amara touched 0.575 which is not a good sign as this indicates that Amara is likely to continue with the whipsaw...

Guocoland break resistance at 2.40.. while Venture has resumed its run at the last hour of trading to 9.3. We have also removed Hyflux and M1. M1 did not manage to clear 1.85 and this indicates signs of weakness, furthermore telecommunication sector is not strong too…

In Summary

The breakthrough of 2700point in yesterday’s trading is a significant indication of market recovery… As such, long term investors can be on standby to seek for potential stocks to hold. We advise to lookout for blue chips especially on property stocks.

At the close, the Straits Times Index were down 0.99points to 2681.03. Nonetheless, for the entire week, the index is up 62.90 and we can see that the long term moving averages are also gradually pointing upwards. Hence, today is deem as a consolidation phrase for the index and further evident by sustaining well above the support range as mentioned in the morning highlights.

 However, there is a resistance at 2750 on STI Daily Chart, so just watch out when index approaches near…

For the US Markets, the DOW was seen testing the resistance at 9630.20. This is a good sign of recovery since market has been up for 5 consecutive days. A pullback or consolidation period might be seen on the Dow Jones.. but once 9630.20 is broken, it will turn into a support…

Latest News:

• Recent site attracted bid from 13 developers. The strong performance put forth by the property counters this week comes on the back of UOL’s win on a bid for a residential site in the city-state. The developer, which is Singapore’s fourth largest by assets, said in a SGX announcement yesterday that it will pay 25% of the S$329 million purchase price within 28 days from the award of the tender from the government. The acquisition will be financed by bank loans and internal funds, the company said in a filing to the Singapore stock exchange. The site attracted a total of 13 bidders.
• China's industrial output quickens pace of rise in August, while consumer prices ease fall‏

Quote of the Day

“If past history was all there was to the game, the richest people would be librarians.” –Warren Buffett