Morning Highlights

Our Focus For Today Is On Mid Caps, Oil & Gas, China and Healthcare Sector

STI rises 8.9 points to open at 2806.11. It fails to breakthrough resistance at 2808.18 and pullback.

  • Asia Travel broke high of 0.71, to wait for setups
  • CMA added into MSCI Indices today

Most of the Asian shares were higher Thursday as investors cautiously moved into riskier assets. But gains were mild with risk aversion still evident as buyers held back after Greece and Spain were hit by negative ratings news in the past two days. In Japan, the market inched higher despite renewed strength in the yen. In Australia, banking stocks were higher. New Zealand shares were trading slightly higher with the Reserve Bank Of New Zealand's rate decision and statement having little effect on stock trading.

Most of the shares have slumped after market erased its early gains and traded lower. Both our open positions have been stopped out. We will stay out of the market for the time being till further observation. (12:10)

News Updates:

  1. US Treasury extends TARP program through Oct. 2010‏
  2. Britain to impose 50% tax on banker bonuses above 25,000 pounds
  3. Gold futures fall for fourth straight session, closing at one-month low‏
  4. U.S equity markets rebounded from the previous night’s fall, shrugging off S&P’s reduction in Spain’s credit outlook to “negative”. S&P said Spain will experience a “more prolonged period of economic weakness” than anticipated at the start of 2009. The downgrade in Spain’s outlook came after Fitch Ratings downgraded Greece’s credit the night before.

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 Yesterday>

Bullish Stocks (Singapore)

Symbol

Name

Entry

SL

TSL

TP

Remarks
1 FORT Fortune REIT 2.98 2.84 3.12
2 PEC 0.725 0.685 0.765
3 UIC United Industrial Corporation 2.24 2.06 2.42
4 WPSL Wheelock Properties 1.92 1.83 2.01
5 PSLL PSL Holdings 0.29 0.225 0.325  
6 EZRA Ezra Holdings 2.27 2.17 2.37  
7 FCL Frasers Centrepoint 1.34 1.27 1.41 Liquidity Issue
8 MIIF Macquarie International Infrastructure Fund 0.48 0.435 0.525 CANCELLED
9 IFAR Indofood Agri Resources 2.17 2.07 2.27  
10 PARM Parkway Holdings 2.96 2.79 2.89 3.13 LOSS – CLOSED at 2.88
11 EPIL Epure International 0.70 0.65 0.68 0.75 LOSS – CLOSED at 0.68

Stock Prices last updated at 17.40 (Singapore Time)

Here’s Our Mid Term Holding Opportunities:

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

Afternoon Highlights

Market tested support at 2770.95 and is now bouncing off from its low.

News Updates:

  1. The Kuwait Investment Authority (KIA) has held internal discussions about scaling back its banking operations with Citigroup the Financial Times said, citing sources. (Reuters)
  2. General Electric said Thursday it won a $1.4 billion contract to build giant wind turbines for Oregon's Shepherds Flat generating station, expected to tip the scales as the largest in the U.S. with a generating capacity of 845 megawatts. (MarketWatch)
  3. The Bank of Korea kept its base rate at the current level of 2%.
  4. Japan core machinery orders fall 4.5% in October.

In Summary,

Market close down 15.35 points at 2781.86, with 1.5888 billion traded in today’s session.

Market came all the down during the morning session and tested support at 2770.95. After bouncing off from support, it started to trade sideways till close.

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