Morning Highlights

Singapore market kicked off the week on a positive note with the key Straits Times Index up 15.07 points at 2698.63 during early moves.  

  • China Hu An Cable opened 0.405, below IPO price of 0.42 (New Entry Opportunity, to BUY at 0.42, Stop Loss at 0.395 and Take Profit at 0.445)
  • Genting Singapore halts trade, pending announcement

Here are Data Release Dates for the week:

  1. The IBD/TIPP Economic Optimism and U.S. December’s Wholesale Inventories on Tuesday 09/02/10;  The ABC Consumer Confidence, U.S.’ December Trade Balance numbers and Bloomberg Global Confidence on Wednesday 10/02/10. The final confidence index will be released by University of Michigan on Thursday 11/02/10. Advance Retail Sales for January and Initial Jobless Claims over the last week will also be out on Thursday.
  2. China NDRC Property Price Index available from Wednesday10th February 10 to Friday12/02/10. January’s Producer Price Index, Consumer Price Index and Purchasing Price Index on Thursday 11/02/10.
  3. Japan’s January Domestic CGPI and December’s Machine Orders released on Wednesday 10/02/10.

News Updates

  1. US  economy loses 20,000 nonfarm jobs in January; 9.7% jobless rate is lowest since August‏‏.
  2. The Dow erased a 167 point drop in the final hour of trading on speculation the European Union may propose a solution for Greece’s budget deficit. Oil and gold both rebounded in the last hour of trading, and the dollar pared its gains.
  3. Crude futures skid nearly 5% to trade below $70 a barrel‏.
  4. Japanese bank lending logged its biggest annual fall in more than four years in January as companies struggling with spare output capacity and a murky economic outlook hesitated to borrow for capital investment. 

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. 

Bearish Stocks (Singapore)

Symbol

Name

Entry

SL

TSL

TP

Remarks
1 HSEN Hiap Seng Engineering 0.57 0.64 0.50  
2 OCBC Oversea-Chinese Banking 8.07 8.44 7.7
3 IFAR Indofood Agri Resources 1.91 2.12 1.70 Triggered, Current Price at 1.98
4 HPPS Hotel Properties 1.97 2.09 1.85 NOT ENTERED

Stock Prices last updated at 17.20 (Singapore Time)

Afternoon Highlights

Index lost ground after lunch and trades lower than 2680.

  • Keppel Corp, the world's largest builder of offshore oil rigs, said on Monday it had won shipbuilding contracts worth a total of S$140 million (REUTERS)

News Updates

  1. Japan service sector sentiment improves in January; January Corporate Bankruptcies Down 21.8% On Year.
  2. Sumitomo Mitsui Financial Group (SMFG), Japan's third-largest bank by assets, posted Q3 profit surges, but keeps to its full year forecast
  3. Indian economy seen growing at 7.2% FY10
  4. Labour Court recovers $1.5 million for 1,500 workers in 2009.
  5. Citigroup have begun talks with hedge funds and private equity firms on selling at least $3 billion in car loans, the Financial Times reported Monday.
  6. Samsung C&T Corp has won the contract for Engineering, Procurement, and Construction (EPC) of Singapore’s first LNG terminal. 

In Summary,

Market close up 10.06 points to 2693.6w, with 1.6629 billion traded.

According to The Edge Chart Analysis:

  • Long Term: Turning Down
  • Medium Term: Down
  • Short Term: Bottoming