Morning HighlightsThere are no Quick Picks for today!
Singapore stocks fall in opening trades, in response to the Friday’s drop on Wall Street, with STI down 24.97 points to 2932.72.
- Keppel Land broke 4.09
- OCBC Research maintained its ‘buy’ rating, but lowered its target price forMidas Holdings to $1.27 (US$0.92) from $1.58 because of heightened risk aversion as reflected in the recent decline of Chinese stocks listed in Singapore.
Watch out for Economic News Release Today:
- U.S NAHB Housing Market Index (July)
Corporate Announcements:
- Olam notified NZ Farming Systems Uruguay Limited of its intention to make a cash offer at NZ$0.55 per share for all of the shares that it does not already own.
- Captialand established two new indirect wholly-owned subsidiaries: ARCJ One Pte. Ltd. and ACRJ One Investments Pte. Ltd
News Updates:
- General Electric net climbs 16% as GE Capital profit recovers
- Bank of America posts lower quarterly net; blue chip stresses lower credit costs
- Citigroup posts lower quarterly net and revenue; provisions for credit losses again drops
- U.S. consumer prices dip 0.1% in June for third straight monthly decline
- U.S. stocks open lower Friday; notable decliners include Google, off 5%, and B. of A., 6%; U.S. stock declines steepen; Dow industrials down more than 200 points; U.S. stocks finish week down 1% after Friday losses
- Apple CEO Jobs on iPhone 4 reception issue: ‘We aren’t perfect’; 3 million-plus units sold
- Regulators shutter six banks, tallying 96 failures so far in 2010
Afternoon Highlights
Index traded higher in afternoon session…
News Updates:
- STATS ChipPAC Ltd. announced that it has on Monday drawn down US$150 million under the Credit Facility to redeem all US$150 million in outstanding principal amount of its 7.5% Senior Notes due 2010 at their maturity.
- US fund manager Templeton, one of Parkway Holdings’ largest institutional shareholders, has cut its stake in the Singapore healthcare firm to 4.97%, down from 5.04% previously, after selling about 357,000 shares between July 8 and July 14, Parkway said in a disclosure to the Singapore Exchange. – REUTERS
- India’s June exports rose an annual 30% to US$17.75 billion, for the eighth straight month, Trade Secretary Rahul Khullar said on Monday.
- The eurozone’s balance of payments slipped further in May to show a deficit of 5.8 billion euros (US$7.5 billion), the European Central Bank said on Monday.
In Summary,STI closed lower, down 12.30 points to 2945.42, with 1.0263 billion traded. Losers led gainers 280 to 121.
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