Morning Highlights

Singapore Stocks jumped early Wednesday as trading resumed after the Chinese New Year holiday, with a strong overnight show on Wall Street on the back of strong manufacturing data and easing concerns about Greece's debt crisis. STI gapped up 34.35 points to open at 2793.25.

Other Asian markets were also higher with Hang Seng Index gained 1.9% to 20,656.80 and Japanese shares surged 2.10%; with a rise in commodities and metals prices lifting the resources sector.

Markets in China, Taiwan and Vietnam remain closed.

  • Osim broke high of 0.665
  • Macquaire Infra Structure Fund broke high of 0.525

News Updates

  1. U.S. stocks rallied (in banks and energy) the most since Nov. as New York manufacturing grew at the fastest pace in four months and Barclays Plc’s earnings topped estimates, signalling the global economic recovery is accelerating. Dow's up 170 points.‏
  2. U.S. Steel Corp. and Chevron Corp. advanced at least 2.8% as commodity prices jumped. Bank of America Corp. and Citigroup Inc. climbed after earnings at Barclays, the U.K.’s second-largest bank, were boosted by investment banking and the sale of a fund-management unit. Merck & Co. rose 2% after fourth-quarter profit increased more than analysts estimated. General Growth Properties Inc., the second-largest U.S. mall owner, jumped 28% on a takeover offer (Bloomberg). 
  3. Consumer sentiment falls in February as Americans grow more pessimistic about economy‏.
  4. Japan October-December GDP rises 1.1% from last quarter, roughly in line with expectations‏

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 China Hu An Cable 0.425 0.395 0.455 PROFIT - CLOSED at 0.435

Stock Prices last updated at 17.05 (Singapore Time)

Afternoon Highlights

Market is going sideways today, but holding up its early gains.

  • Singapore Exports jump 21% in January
  • Yanlord Land Group and Ho Bee Investment have made a joint acquisition of a 13.69-hectare prime residential site in Qingpu District, Shanghai for 3.82 billion yuan (US$559 million) in a public land auction.
  • Developers sold 1,475 private homes in January

In Summary

Market closed up 35.16 points to 2794.06, with 1.4094 billion traded.

  • Genting broke low of 1.02