Singapore Stock Market Updates On 07/12/09

Morning Highlights

Our Focus For Today Is On HealthCare, Mid Caps and REITS

The STI was up 1.56points at 2792.57. Market hasn’t been moving much at early trades.

Index stays flat throughout the morning session. Despite poor performance in Hong Kong market, Singapore market is resilient to drop.

• Hiap Tong (recent IPO) to watch out for breakthrough at 0.29.
• CDReit lookout for breakthrough at 1.63
• Epure lookout for breakthrough at 0.655
• Singpost lookout for breakthrough at 0.98
• Hafary commence trading today, open at 0.25, which is higher than its IPO price of 0.20, waiting for setups
• Wingtai broke  high of 1.74, to wait for setups

Market did a sudden surge upwards at 12:00. Currently is up 11.78point, retesting resistance at 2808.18.

Please note that we have removed F&N from our quick pick for the time being. For conservative traders, you may wish to wait for a breakthrough at 4.25 instead.. We’ll continue to observe for an increase in price range & volume. For aggressive traders, trade with small risk and watch out for resistance at 4.14, 4.19 and 4.25. 

News Updates:

1. Intel Corp has scrapped plans to launch an advanced graphics chip based on its novel Larrabee design, after concluding that delays in the project would make it uncompetitive, a spokesman said on Sunday.
2. Citigroup is hoping to convince U.S. authorities to allow it to quickly repay $20 billion of bail-out funds given the bank, The Financial Times reports on its Web site Sunday. The FT, citing "people close to the situation," said Citigroup is concerned that if they don't begin a capital raising effort by the middle of next week, they would find it difficult to do so until after reporting year-end results in January.
3. December gold falls $11.70 to $1157.10/oz on Globe.
4. The figures on U.S. November retails sales, including consumer sentiment and consumer credit will be closely watched of the week.
5. Weekly stats on ABC Consumer Confidence, MBA Mortgage Application and Initial Jobless Claims available on Wednesday 09/12/09; Consumer Credit on Tuesday 08/12/09 and November Advance Retail Sales on Thursday 10/12/09.
6. U.S. economy sheds just 11,000 jobs in November; unemployment dips to 10%; U.S. blue chips turn negative as payrolls-report rally falls apart‏.
7. Two more banks fail in Georgia; combined assets top $1 billion‏
8. The most significant piece of Japan Economic Data due this week: (1) 3Q GDP on Wednesday 09/12/09; (2) October Machine Orders due on Thursday 10/12/09; (3) November Consumer Confidence on Friday 11/12/09.
9. 16 economists surveyed by Bloomberg expect the Japan’s GDP to rise by 0.7% in the third quarter, down from the second quarter’s 1.2%.
10. In China, the Producer and Consumer Price Index for November will both be released on Friday 11/12/09.
11. In Europe, sentiment for December will be indicated by the Sentix Investor Confidence on Monday 07/12/09.

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. 

Stock Prices last updated at 17.10 (Singapore Time)

Here’s Our Mid Term Holding Opportunities:

1. OLAM – Buy at 2.88, Stop Loss at 2.42

Afternoon Highlights

F&N News: Amendment to Joint Venture relating to Asia Pacific Breweries Limited. F&N resume trading at 15:45

Market is going sideways, hovering around 2800 points. 

Novena broke out high of 0.215, to wait for setups

In Summary,

Index up 5.97points to close at 2796.98 with 1.2744 billion traded today.