Morning Highlights

Singapore stocks edged higher, with STI up 12.92 points to open at 3,024.34. Investors are taking their cue from gains on Wall Street after the Federal Reserve's Beige Book report indicated the U.S. economic expansion was continuing, albeit "with widespread signs of a deceleration compared with preceding periods."

Watch Out For Economic News Today:

  1. U.S July Trade Balance (The monthly trade deficit shrank 14% to US$42.8 billion, which was smaller than the mid-point forecast of US$47.3 billion from economists surveyed before the Commerce Department report.)
  2. U.S Initial Jobless Claims (Claims for the week to September 4 fell to 451,000, down 27,000 from the previous week's revised figure, the Labour Department said.)

Corporate Announcements:

  1. OCBC's Great Eastern Holdings Ltd. has incorporated a new wholly-owned company, I Great Capital Sdn Bhd .

News Updates:

  1. U.S. stocks post modest gains early Wednesday; Portuguese bond sale allays Europe concern
  2. U.S. stocks end higher, recouping some of previous day's losses; Dow rises 46 points
  3. Fed's Beige Book reports slowing growth as Obama outlines tax measures
  4. Irish government will split Anglo Irish Bank in two
  5. Canadian central bank raises key interest rate to 1%; loonie posts gain vs. U.S. dollar
  6. BP: multiple firms and work teams to blame for Gulf of Mexico oil spill
  7. The Australian competition commission Wednesday rejected undertakings proposed by National Australia Bank as part of its attempt to buy AXA Asia Pacific Holdings Ltd . National Australia Bank was still on the rise even as its bid for AXA Asia-Pacific was blocked by Australian competition regulators.

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)

 

Symbol

Name

Entry

SL

TSL

TP

Remarks
1 FCRT Frasers Centerpoint Trust 1.51 1.40 1.62
2 SPGP Super Group Ltd 1.11 1.00 1.22
3 GENH.SI Genting Hong Kong Ltd 0.47 0.395 0.545  

Stock Prices last updated at 17:00 (Singapore Time)

In Summary

Index closed higher,up 10.86 points to 3022.28,with 1.3725 billion traded. Gainers led losers 260 to 162.

By week, index was up 19.73 points with 6.2846 billion traded.

As of now, market is seen approaching near to high of 3043.28. High chance that market will go into a sideway consolidation for the time being, before marching past the resistance.

Our Market Sentiment is bullish. We will wait for a firm breakthrough at 3043.28.

Some stocks to lookout for: PEC, Delong, OUE, F&N , Longcheer, Hong Kong land, SembCorp and Sunvic.