Singapore Stock Market Updates On 14/05/10

Morning Highlights

Singapore market started weak following U.S. overnight losses. STI down 11.94 points to open at 2855.98. Market 2,867.73

Lookout for U.S. Economic News Release For Today: April Advance Retail Sales, April Industrial Production, March Business Inventories.

Next, Hong Kong will be releasing its Q1 GDP number – expected to grow 7.5% according to a Bloomberg poll of 5 economists.

Corporate Announcements

1. Swiber announced 32% decline year-on-year in 1Q10 net profit to S$8.1 million.
2. Tiger Airways announced FY10 net profit of S$28.2, versus a loss of $50.8 million loss last year
3. Noble announced that Macarthur has dropped the bid for Gloucester on mutual agreement.
4. Olam announced 30.1% growth year-on-year in 3Q10 net profit to US$267.2 million.
5. Genting announced 1Q10 net loss of S$396.3, versus a loss of $31.8 million loss in 1Q09.
6. Chemoil suffers Q1 US$13.5 million loss

News Updates:

1. U.S. Initial Jobless Claims decline to 444,000 last week; 4-week moving average off 9,000‏.
2. New York prosecutors are probing eight firms over whether they misled ratings companies about mortgage-backed securities, according to a person familiar with the matter.
3. U.S. stocks finish lower after losses accelerate late in session as led by banks and technology companies; Dow off 115‏ while Cisco retreated 4.5% to $25.53‏.
4. Japanese shares fall in early trades, with Sony hitting worst intraday level since February after a disappointing forecast, but rival Pioneer  rose 6.9%.
5. Pioneer reported a much narrower net loss for the fiscal 4Q, and said it expected its first net profit in seven years for the current fiscal year ending March 2011.

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 17.05 (Singapore Time)

Afternoon Highlights

Selling accelerates after 16:00 onwards…

• Lookout on recent IPO Mann Seng. This stock manages to touch high of 0.235 with good volume – To wait for setup entry

News Updates:

1. Hong Kong Q1 GDP rises 2.4% on quarter
2. Hong Kong shares ended 1.36% lower following a tumble on Wall Street and as concerns over the eurozone's finances weighed on sentiment…

In Summary,

Index dropped 12.71 points to close at 2855.21, with 1.2537 billion traded. There is a strong support at 2800.

Last week, market experienced a steep decline, tumbled 153.50 points with 94374 billion traded. At the end of the volatile week before, market is able to hold up for this week and starts trading sideway. This week, market gains 34.1 points with 8.0104 billion traded.

On long term chart view, market is seen to be in consolidation. We would want to wait for a firm breakthrough at 2900, and then eventually followed by a breakout at 3037.97, the high that was created on 15th April this year.

Though market tried to find its footing on 2850, we will still need to access and see how it performs in the coming week. Based on our personal view, high chance that index will continue to trade sideway for now before pacing upwards gradually…