Morning Highlights

Singapore market firmed slightly in opening trade, with STI up 2.65 points at 2860.32, as bargain hunters emerged after a soft close on Tuesday. There are quite a number of picks for today. However, in lieu of market uncertainty, we will enter our trades in small risk.

  • Genting Singapore broke 0.98

Watch out for these economic data to be released today:

  • Euro-zone will be publishing their Q1 GDP numbers
  • U.S. ABC Consumer Confidence and Trade Balance

Corporate Announcements

  1. First Resources announced 379.4% growth year-on-year in 1Q10 net profit to US$26.4 million.
  2. Wilmar announced 5.6% growth year-on-year in 1Q10 net profit to US$401.4 million.
  3. Yanlord Land announced the establishment of a joint venture company and a subsidiary in China.

News Updates:

  1. Pound rallies against dollar as conservative leader David Cameron took over as Britain’s prime minister after Gordon Brown stepped down following the inconclusive May 6 election.
  2. Dow finishes down 37 points, erasing 90-point intraday gain; Nasdaq edges higher‏‏.
  3. Crude oil fell 0.6% in New York amid concern about the global growth outlook and a decline in the value of the euro, which makes dollar-denominated commodities like oil more costly for holders of other currencies. Gold settles at new all-time high of $1,220.3 an ounce‏.
  4. Samsung Life rises 7% after US$4.4 billion IPO

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.

Bearish Stocks (Singapore)

Symbol

Name

Entry

SL

TSL

TP

Remarks
1 SCOF Super Coffeemix 0.92 0.85 9.35 0.99 Triggered, Current Price at 0.955

Bearish Stocks (Singapore)

Symbol

Name

Entry

SL

TSL

TP

Remarks
1 ARAM ARA Asset Management Ltd 0.85 0.99 0.71  
2 CATL Capitaland Ltd 3.61 3.76 3.46  
3 CMAL CapitaMall Asia Ltd 1.96 2.06 1.86
4 EZRA Ezra holdings 1.92 2.06 1.78
5 IFAR Indofood Agri Resources Ltd 2.18 2.35 2.01
6 KLAN Keppel Land 3.50 3.71 3.29
7 KSTL KS Energy Services 1.19 1.29 1.09
8 NOBG Noble Group 2.85 3.03 2.67
9 SCIL Sembcorp Industries Ltd 3.90 4.03 3.77
10 STAR Starhub Ltd 2.14 2.28 2.00
11 STRL Straits Asia Resources Ltd 1.93 2.05 1.81
12 UTES United Engineers 2.22 2.37 2.07
13 UOBH United Overseas Bank Ltd 3.59 3.74 3.44
14 WPSL Wheelock Properties Ltd 1.78 1.91 1.65
15 WLIL Wilmar International Ltd 6.48 6.71 6.53 6.25 PROFIT - CLOSED at 6.45

Stock Prices last updated at 17.05 (Singapore Time)

Afternoon Highlights

After a listless trading from morning till late afternoon, market started to regain strength after 16:00…

  • Etika broke 0.7
  • C & O Pharmaceutical Technology broke 0.44
  • China Hu An Cable's Q1 profit up 123%

News Updates:

  1. Gold hit a record high of US$1,235.50 an ounce by midday in Hong Kong.
  2. Juergen Stark said central banks worldwide likely under increasing political pressure, but ECB would resist pressure for higher inflation.
  3. Persistent skepticism toward the EU bailout package is still putting a stranglehold on European bourses, but markets edge up.
  4. U.K. April Jobless Claims down 27.1K, Consensus 20K Fall.
  5. India’s industrial production rose 13.5% yoy in March, retaining a 6 month streak of double-digit expansion.

In Summary

Singapore shares closed higher with STI up 22.66 points to 2880.33. Total volume of 1.5052 billion traded. Gainers led Losers 341 to 142.

Currently, market is going through sideway consolidation with good support at 2800. Nonetheless, traders evinced fresh buying interest in select stocks after market witnessed sharp decline in the past few trading sessions. Hence, we do expect market to resume trade above 2900 soon.

Last but not least, OCBC is the strongest out of the 3 bank stocks for now. And among the Blue Chips, City Development shows strength and is recovering from sell off.