Morning HighlightsSTI broke above 2900 in opening. This is a good sign of an uptrend movement. However, we still have to observe further to see if index manages to close above at the end of the day.
- ES Group open at 0.31 vs IPO price of 0.24
- Yangzijiang broke 1.39
- Sembcorp Industries broke 4.23
- OSIM broke 0.99
- DBS broke 14.12
New IPO : Leader Environmental Technologies Limited (environmental protection solutions provider in China)IPO size : 116.5 millionIPO price : S$0.21 Commence Trading : 16th July 2010Underwriter : Stirling Coleman Capital Limited
Watch out for Economic News Release Today:
- U.S. May’s Wholesale Inventories figures
- China Export numbers will be announced on Saturday 10 July (Exports had risen at a record pace, gaining 48.5% in May from a year ago)
Corporate Announcements:
- SGX said that it is entering discussions with the London Metal Exchange to explore opportunities in Asia
News Updates:
- SHC places 14 million new shares at 10.67 cents/share to boost float.
- Shareholders holding 68.44% Keda stake reject Brilliant’s exit offer.
- ECB holds rates at 1.0%, sees uneven recovery.
- U.S. May Consumer Credit down $9.1 billion, dips for 4th straight month.
- U.S. first-time jobless claims drop to 454,000 last week; Dow industrials up nearly 100 points in final half-hour of session
- U.S. economic recovery taking root, but jobless rate to remain atop 9% through 2011: IMF
- The European Union lashed out on Thursday at a WTO decision to postpone a ruling on US subsidies to aerospace giant Boeing, warning that repeated delays hurt chances of a negotiated settlement.
- NIH scientists find antibodies that block most HIV
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.
Bullish Stocks (Singapore)
| Symbol | Name | Entry | SL | TSL | TP | Remarks | |
| 1 | LAP:SG | Lion Asiapac Ltd | 0.35 | 0.255 | 0.445 | ||
| 2 | CTDM | City Development | 11.16 | 10.82 | 11.50 | ||
| 3 | CNFG | China Fishery Group | 2.08 | 1.96 | 2.20 |
Stock Prices last updated at 17:05 (Singapore Time)
In Summary,
Index up 20.02 points to close at 2917.17, with high volume of 1.9186 billion traded. ES Group closed at 0.275, the lowest point of the day.
Among the 3 banks, DBS is the strongest, followed by OCBC and then UOB. Good strength is coming from F&N, including Jardine C&C.
As index has successfully breached 2900 mark and closed above the level, this indicates that the previous sell-down is temporary. With reference to our last week commentary, should index crosses above 2900, we can expect the Moving Averages on the weekly chart to diverge from this point.Evidently, market is coming back on track, biased on the upside. Hence, our market sentiment remains bullish. Lookout for the 3000 mark.
By week, index is up 72.98 points with 6.6634 billion traded.
No comments:
Post a Comment