Singapore Stock Market Updates On 18/05/10

Morning Highlights

Singapore Market started slightly higher with STI up 3.7 points to open at 2837.39. Most of the Asian shares are up but markets remain cautious…

Lookout for Economic News Release For Today:

1. U.S. April PPI and  April Housing Starts
2. Euro-zone’s Trade Balance in March and April PPI
3. Hong Kong’s April Unemployment Rate

Corporate Announcements

1. Noble announced that its subsidiary Noble Petro Inc. has agreed to purchase Northville Product Services (NPS), which main business include blending, trading, distribution and marketing of refined petroleum products.
2. Olam increased its stake on New Zealand Farming Systems Uruguay from 14.35% to 18.35%.

News Updates:

1. GM reports first quarterly profit since 2007‏

2. Crude falls 2% Monday to close at a 5-month low of $70.06 a barrel‏

3. Stocks turn briefly positive after Dow erases nearly 200-point decline after late-session turnaround‏.

4. The euro climbed 0.3% to $1.2397 at 4:38 p.m. in New York after sinking as low as $1.2235.

5. The ECB said it will invite banks to deposit cash with it for one week to prevent its purchases of government bonds from swelling the money supply and fueling inflation. The unprecedented buying of government and corporate debt is aimed at stabilizing financial markets after Greece’s fiscal crisis spread to Portugal and Spain, driving up bond yields and threatening the euro.

6. AXA Asia said will consider terminating its support for the A$13.29 billion takeover bid from National Australia Bank Ltd if it has not won the endorsement of Australia's competition regulator by the end of this month.

7. Chinese Inflation about 3% from a year earlier in both May and June, said the National Development and Reform Commission.

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)

Bearish Stocks (Singapore)

Stock Prices last updated at 17.05 (Singapore Time)

Afternoon Highlights

Index gains mild strength in the afternoon session and traded slightly higher. Top gainers includes Keppel Corp, Jardine C&C, Parkway, Olam and Venture Corp.

• SIA Engineer broke high of 3.79
• Parkway broke high of 3.47 

News Updates:

1. United Fiber said on Tuesday that it plans to buy PT Kutai Chipmill for US$65 million through an acquisition of Pacific Global Holding Ltd and Pacific Capital Holding Ltd from Masba Holdings Inc.
2. TTJ Holdings Limited said its subsidiary, TTJ Design and Engineering Pte Ltd, has secured new contracts worth $31.3 million.
3. China Fishery said on Tuesday its indirect subsidiary, Epesca Pisco SAC, has on May 17 2010 agreed to buy Dorbes Holding Corporation for US$95 million. Dorbes indirectly owns 100% of a Peruvian company, Pesquera Alejandri a SAC (Alejandria), which is the target of the acquisition.
4. Thai government extends public holiday until May 21.

In Summary,

Market up 10.66 points to close at 2844.35, with light volume of 1.0779 billion traded. Gainers led losers 276 to 176.