Singapore Stock Market Updates on 30/09/09

Morning Highlights

Our Focus For Today is On Still on Small & Mid Cap

STI opened up at 2,681.69 and came down subsequently. The other Asian Markets were mostly higher in spite of overnight losses on Wall Street, with Japanese stocks posting modest gains as the yen slipped against major currencies.

CANCLLED includes Superior Fastening, Ezion, GuocoLeisure, Sinwa, HupSteel, Asia Environment, Financial One, Sinomem, Hai Leck, CH Offshore and Hiap Seng. (As there are quite a number of picks cancelled due to big retracement today, I have removed from the Quick Picks to make it easier for viewing)

Aqua Terra broke high of 0.32, to wait for setups.

Ascendas REIT approaching breakout!!

We are queuing to close position for Metax at 0.25 as it has no energy to make new highs. (update 11:35)

We are paying close attention on Ascendas REIT and CapitaCommerical Trust. Both stocks are holding up, especially Ascendas is moving up slowly.

Small & Mid Caps might have finished their run and likely to go into consolidation first. China Shares are making new highs but unable to sustain, will see how it goes later in the afternoon session. REITs are holding and moving up slightly…

On today’s Top Gainer List,  we see 3 REIT stocks appear, namely, Ascendas up by 4c, Capitamall up 4c and FrasersCT up by 2c

Superior Fastening Announcement

The Board of Directors of Superior Fastening Technology Limited (the “Company”) wishes to inform that the Company has on 29 September 2009 entered into a settlement agreement (the “Agreement”) with OCBC Capital Investment Private Limited (“OCI”) in relation to the repayment of an outstanding principal sum of S$5,000,000 plus interest thereon (the “Settlement Sum”) owing by the Company to OCI under the Convertible Bond Subscription Agreement dated 16 July 2007 entered into between the Company, Lam Tak Shing, Tang Yuk Fung, Kwan Suk Yee and OCI (as amended by a supplemental agreement dated 30 August 2007 and a second supplemental agreement dated 23 July 2008) (together, the “CBS Agreement”) in relation to the issue of 3-year convertible bond facility (the “Bonds”) for an aggregate principal amount of S$5,000,000.

Pursuant to the Agreement, the Settlement Sum shall be repaid in 2 installments, of which S$3,000,000.00 shall be paid within three (3) months from the date of the Agreement and the balance of S$2,000,000.00 plus all interest due under the CBS Agreement and the Bonds, including any default interest shall be paid within six   months from the date of the Agreement.

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 17.30 (Singapore Time)

Afternoon Highlights

Asian stock markets struggle to keep early gains, with Japan's Nikkei 225 and South Korea's Kospi pushing into negative territory. Hong Kong's Hang Seng extends losses, but Shanghai climbs… (read more)

Market is rebounding back... a new low of 2634.91 is formed. Please do not take trades if Ascendas REIT breakout during the last minute of trading. This is to prevent over-reaction during last hour.

In Summary,

Most of the blue chips surge during the last 15 minutes of trading. More significant moves are from the 3 banks –> DBS closed at 13.28; OCBC closed at 7.85 and UOB closed at 16.78.

Index is up by 9.26points and closed at 2672.57.

  The support range has narrowed to 2634.91 – 2657.73

The REITs are performing well today with Ascendas up 5 cents to 1.93; CapitaComm Trust up 2 cents to 1.04; CapitaMall up 4 cents to 1.85.

Quote of the Day

“You only have to do a very few things right in your life so long as you don't do too many things wrong.” – Warren Buffett