Morning Highlights

Singapore stocks edged a little higher and trading in tight ranges as investors picked up stocks that had fallen recently. STI opened at 2928.59.

On the other hand, U.S. stocks fell for third straight session posting its biggest three-day slump since July, and oil dropped after American jobless claims unexpectedly rose, adding to evidence the economic recovery is weakening.

• Genting broke 1.31

Singapore market will continue to be choppy. Watch out for 2900! If market falls below this level, likely that we will witness more downside. Advise to stay on the sideline till further observation.

Watch Out For Economic News Today:

1. U.S. July CPI numbers
2. Euro-zone’s Q2 GDP numbers
3. Hong Kong’s Q2 GDP numbers

Corporate Announcements:

1. Genting announced net profit of $396.5 million in 2Q 10, compared to a net loss of $50.7mn same period last year.
2. Noble announced 65% year-on-year decline in 2Q10 net profit to $ 85.9 million.
3. Wilmar announced 15.4% year-on-year decline in 2Q10 net profit to US$ 344.5 million.
4. Prudential announced 40.7% year-on-year increase in 1H10 IFRS operating profit to GBP 968 million.
5. Sound Global announced that it entered into an investment agreement for a Build, Operate and Transfer project in Lianyungang City, Jiangsu Province.
6. Cosco announced that its subsidiary has secured contracts valued over US$48 million to build 2 bulk carriers of 35,000 dwt each.

News Updates:

1. U.S. Initial jobless claims unexpectedly rose by 2,000 to 484,000 in the week ended Aug. 7, the highest level since mid February, the Labor Department said yesterday in Washington.
2. GMs Whitacre to leave CEO post in September
3. U.S. fixed-rate mortgages at record lows; average rate on benchmark 30-year loan is 4.44%.
4. Cisco’s 10% decline weighs on technology sector.
5. China Life and two other Chinese companies may not proceed with bids for stakes in American International Group’s Asian unit AIA ahead of the unit’s planned IPO, a newspaper reported on Friday.
6. Clothing and toys supplier Li & Fung Ltd. said Thursday it will acquire its sister company Integrated Distribution Services Group Ltd. for 7 billion Hong Kong dollars ($901 million); equivalent to HK$21 a share, or 0.585 of its own stock for IDS.

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)

Stock Prices last updated at 9:05 (Singapore Time)

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