Singapore Stock Market Updates on 26/10/09

Morning Highlights

The STI opened at 2714.49 and going higher now, approaching the 1st resistance at 2728.98.

Our Focus For Today is On Commodity and Offshore Marine 

In Singapore, our Industrial Production figures for September will be out today. Manufacturing, which accounts for about a quarter of our economy, had risen for a second straight month in August, climbing 12.3% from a tear early following a revised 17% increase in July. The Unemployment Rate for the 3Q will be out on Friday 30th October 09.

Financial One broke high of 0.575, to wait for setups

Corporate Earnings Announcement Dates For This Week

1. Tue 27 Oct 09: Capitaland 3QFY09
2. Wed 28 Oct 09: OCBC 3QFY09
3. Thur 29 Oct 09: NOL 3QFY09
4. Fri 30 Oct 09: UOB 3QFY09

News Updates

• Florida's Partners Bank closed by regulators in 100th bank failure of the year‏
• U.S. existing-home sales rise 9.4% to briskest annual rate in more than two years‏
• In Japan, Industrial Production numbers for the month of September will be out on Thursday 29th October 09 while the Jobless Rate and Tokyo’s CPI will be available on Friday 30th October 09.
• Numbers on the U.S. Consumer Confidence in October and the Richmond Fed Manufacturing Index on Tuesday 27th October 09, followed by the New Home Sales in September, MBA Mortgage Applications for the week and Durable Goods Orders for September on Wednesday 28th October 09.
• U.S. GDP for the 3Q and Initial Jobless Claims will be available on Thursday 29th October 09. A median estimate of 65 economists surveyed by Bloomberg news predicts the U.S 3Q GDP to rise 3.2% after shrinking the previous quarters. Lastly, September’s Employment Cost Index will be available on Friday 30th October 09.
• The main data released in Europe this week concerns the Euro-Zone M3 for September today on 27th October 09. The M3 money-supply growth, which the European Central Bank uses as a gauge of future inflation, had slowed to 2.5% in August from 3 percent in July. According a Bloomberg survey, the estimates for September is 2.2%. 

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.  <The Quick Picks referred herein contain overnight positions from Last Week>

Bullish Stocks (Singapore)

	Symbol	Name	Entry	SL	TSL	TP	Remarks
1	UOBH	United Overseas Bank Ltd	17.52	17.14		17.90	Near Breakout
2	NOHL	Novena Holdings	0.22	0.18		0.26
3	TAIS	Tai Sin Electric	0.30	0.26		0.34
4	SCOF	Supper Coffeemix	0.71	0.63		0.79	Triggered, Current Price at 0.695
5	VENM	Venture Corp	9.68	9.31		10.05	CANCELLED
6	CATL	Capitaland	4.28	4.16	4.22	4.40	Overnight, Current Price at 4.42 to enter with small risk
7	NOBG	Noble Group	2.71	2.59	2.61	2.83	Overnight – Current Price at 2.75 Watch out for historical high at 2.87
8	SCMN	Sembcorp Marine	3.62	3.38	3.53	3.86	PROFIT – CLOSED at 3.67
9	IFAR	Indofood Agri Resources	1.82	1.71	1.75	1.93	LOSS – CLOSED at 1.79

Stock Prices last updated at 18:05 (Singapore Time)

Here’s Our Mid Term Holding Opportunities for property shares.

1. Fraser & Neave – Buy at 4.02, Stop Loss at 3.76
2. Allgreen Properties – Buy at 1.21, Stop Loss at 1.04
3. City Development – Buy at 10.50, Stop Loss at 9.55
4. Wing Tai Holdings – Buy at 1.75, Stop Loss at 1.55
5. Ezra – Buy at 2.08, Stop Loss at 1.66
6. Lookout for Keppel Corp

With regards to MiddleEastD,

 

Based on the Daily Chart, the stock is still going sideways. Will be good to see a breakout of its previous high of 0.085 first before we can conclude any further on the stock. The volume is good but we have yet to identify any price range.

In our opinion, we prefer to avoid trading shares that are below 20cents. This stock is like an elephant, will need a lot of transactions to go through for a sudden increase in price.

Afternoon Highlights

BEIJING - China's recovery is stronger than expected but Beijing will continue its looser lending policies to support.

SHANGHAI - China should keep the dollar as the primary currency in its foreign exchange reserves but raise the share of euros and yen, a newspaper linked to the country's central bank said on Monday.

Today’s market is rather quiet, probably due to no trading activities at Hong Kong.

Sembcorp Marine is losing its upside momentum. We are looking for exit price. On the other hand, there is new setups formed for Indofood Agri since the share failed to trade above 1.84 today.

In the first half of this year, Takashimaya's net profit slipped 12.5% year-on-year to $14 million on the back of a 0.4% dip in turnover to $257 million.

In Summary,

Although the STI is moving quite sluggish for the whole of today’s trading session; on the overall, index is considered steady and holding well.

STI closed up 1.28 points to 2716.62, with only 1.2679 billion traded. Will keep a further lookout for the coming week’s performance.