Morning Highlights

Singapore  market eased in opening trade after US stocks posted a drop on concerns that China’s moves to curb lending will slow the global economic recovery.

The STI opened lower at 2888.36, down 4.77 points. A slew of data due to be released on the mainland kept many investors sidelined.

Reference to The Edge, in the short term, the STI has moved into a sideways range and is likely to stay there until stochastic and RSI turn up,  probably sometime in next week. Support is at the rising 50-day moving average at 2821. Resistance is being established at the twice tested mark at 2940.

News Updates:

  1. Bank of America loses $5.2 billion in fourth quarter after repaying TARP.‏
  2. December housing starts fall 4%; 2009 starts drop 39% to record-low 554,000‏.
  3. Starbucks shares up after coffee retailer posts jump in operating income, same-store sales.
  4. EBay profit more than triples on improving payments and marketplace business‏‏.
  5. China's fourth-quarter GDP rises 10.7% on-year‏.

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 MIIF Macquarie International Infrastructure Fund Ltd 0.53 0.475 0.585
2 TIAN Tianjin Zhong Xin Pharmaceutical 1.25 1.14 1.36  
3 HIAP.SI Hiap Hoe Limited 0.63 0.57 0.69
4 SHDS Sing Holdings 0.455 0.385 0.525  
5 CATL Capitaland Ltd 4.45 4.27 4.63 CANCELLED
6 CHOF CH Offshore Ltd 0.745 0.70 0.79 CANCELLED
7 SNSR Sinostar PEC Holdings 0.295 0.21 0.38
8 TWCH Time Watch Investments 0.215 0.15 0.28  

Here’s Our Mid Term Holding Opportunities:

Symbol

Name

Entry

SL

TSL

TP

Remarks
1 OCBC Overseas Chinese Banking Corp 8.83 8.15 8.55 9.51 LOSS – CLOSED at 8.58
2 DBSM DBS Group 15.48 14.34 14.40 16.96 LOSS – CLOSED at 15.08
3 STEG Singapore Technologies Engineering 3.27
3.00		 3.12 3.54 LOSS – CLOSED at 3.25
4 PARM Parkway Holdings 3.02 2.74 3.30 LOSS – CLOSED at 2.90
5 HYFL Hyflux 3.81 3.42 4.20  
6 SIAT Singapore Airport Terminal Services 2.80 2.53 3.07  
7 OCGL Oceanus Group 0.475 0.34 0.61  
8 GENS Genting Singapore 1.32 1.05 1.20 1.59 Overnight, Current Price at 1.23

Stock Prices last updated at 17:05 (Singapore Time)

Afternoon Highlights

  • Swiber and consortium partner win US$188.8m job
  • China Fishery seeks secondary listing in Oslo

In Summary,

The financial sector has weaken too much, furthermore, index is pulling back even further, hence, we have closed off all our mid term positions for now. 2900 has turned into a resistance level.

Market tumbled 42.15 points to close at 2850.98, with 2.2693 billion traded.