Morning Highlights

There Are No Quick Picks For Today

Singapore Market started higher with STI up 15 points to open at 2754.70.  We expect market to be choppy in the coming days, hence, we advise to stay on the sideline for the meantime. Market sentiment is biased on the upside and there is a good support at 2700.

  • Genting Singapore broke high of 1.04
  • Total bank lending in Singapore rose 0.6% to $288.05 billion (US$204.494 billion) in April from $286.3 billion in March, central bank data showed on Monday.

Lookout for Economic News Release For Today: Japan May PMI Manufacturing numbers.

Corporate Announcements

  1. Capitaland clinched the BCA Green Mark Platinum award for its Six Battery Road office building, the first time an operating office building in Singapore has won the highest Green Mark accolade.
  2. Wilmar announced its intention to acquire at least 58.45% of Benso Oil Palm Plantation Ltd in Ghana.

News Updates:

  1. Japan’s industrial output rose 1.3% in April, less than expected suggesting the benefits of robust exports to fast-growing Asian economies may be moderating. 
  2. The S&P 500 trimmed its advance for last week to 0.2%, while the MSCI World Index of shares in 24 developed nations rose 0.5% last week. The U.S. gauge sank 8.2% in May and the global gauge lost 9.9%, the worst month since February 2009 for both. (Bloomberg)

Afternoon Highlights

Market is holding up its early gains…

  • Parkway Holdings shares jumped 25% after Malaysian sovereign fund Khazanah offered US$835 million for control of Singapore's biggest private healthcare group, leaving India's Fortis Healthcare to make the next move in a potential takeover battle.
  • Datapulse Q3 net profit tumbles 57%.

News Updates:

  1. India's Jan-March GDP grows 8.6%
  2. Japan April Construction Orders Down 25% Vs. 42.3% Rise Last Month
  3. Data show that Japan is more resilient than other Asian countries to Europe’s debt crisis
  4. Europe shifts higher; London and U.S. closed.
  5. Russia cuts key rate to record low 7.75%

In Summary,

Market closed up 12.90 points at 2752.60, with 1.1414 billion traded. Gainers led losers 273 to 179.