Singapore Stock Market Updates On 17/01/11

Singapore STI headed lower after a positive open at 3255.65, as mainland Chinese banks and property developers dropped on news. Currently, market is suffering from the post cooling effect on our local property sector.

Global News: China stocks traded sharply lower with banking shares plunged following Beijing's latest increase to required reserves. At the midday break, the Shanghai Composite was down 2.1% at 2,732.75, with Industrial & Commercial Bank of China Ltd 2.8% lower, China Construction Bank falling 3.1%, and Agricultural Bank of China Ltd losing 1.5%.

Losses were more subdued in Hong Kong, with ICBC down 1.5% and CCB off 1.8%, against a 1.3% loss to the Hang Seng China Enterprises Index.

News Updates:

1. U.S. stocks halted a global drop to extend a seventh weekly gain for the Standard & Poor's 500 Index as JPMorgan Chase & Co. led banks higher after posting a record profit.
2. U.S. retail sales climbed in December by 0.6%.
3. JPMorgan reported a 47% increase in fourth-quarter earnings after reducing reserves set aside to cover bad loans.
4. China can keep annual inflation at around 4% in 2011 as ample grain and industrial product supplies forestall vicious price rises, a government official said in remarks published on Monday.
5. Chinese central bank raised their reserve requirements by another 0.5 percentage points on Friday.

Corporate Announcements:

1. Ezra incorporated a new wholly-owned subsidiary company, EMAS-AMC Pte. Ltd. in Singapore.

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Stock Prices last updated at 11:56 (Singapore Time)