Singapore Stock Market Updates On 19/05/11

Morning Highlights

Singapore shares edged up after releasing of GDP data and overnight gains on Wall Street.

• Prime Minister Lee Hsien Loong yesterday announced sweeping changes to his Cabinet line-up, bringing in new chiefs for 11 of the 14 ministries and promising all ministers a 'free hand' to reshape policies.

Watch Out For Today’s News:

1. Singapore GDP (1Q) : Singapore revised up its 2011 forecast range for GDP growth to 5% - 7% from the previous forecast of 4% - 6%, citing modest recovery in developed economies and healthy Asian growth. It said expansion in manufacturing and the financial services sector will underpin Singapore's economic growth, while downside risks include a tight labor market, as well as European sovereign debt concerns, a prolonged slowdown in industrial activities in Japan and rising oil prices.
2. U.S. Initial Jobless Claims, April Existing Home Sales and the April Leading Indicators

News Updates:

1. Hong Kong shares gained 0.25% in early trade on Thursday, with the Hang Seng Index climbing 56.46 points to 23,067.60. Cnooc Ltd. led a rally in commodity producers on Nymex oil futures' return above the $100-a-barrel level, with Chinese property and financial stocks also aided by a weakened U.S. dollar and overnight gains
2. Japan's GDP contracted by 0.9% during the January-March quarter, marking a 3.7% year-on-year drop, the government reported Thursday. The Japanese economy shrinks by more than expected and returns to recession with a second consecutive quarter of contraction.

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