Singapore Stock Market Updates: STI Down Sharply In Response To Heavy Losses On Wall Street

Morning Highlights

There is NO SECTOR IN FOCUS for today

DJIA shed 55.85 points (0.58%) in opening trades to 9656.43, and ended trading off more than 200 points (with 266 billion traded) in biggest one-day slide since July 2‏ amid more signs of a slow and bumpy economy’s recovery. There is a resistance at 9917.99.

In response to the heavy losses on Wall Street, STI (^STI) gapped down and opened at 2620.45. Index has fallen sharply and the overall moving averages are also pointing downwards on the Daily Charts. We advise to stay on the sideline till further notice. We have also cancelled most of the Quick Picks and only see potential in CapitaCommerical and MSCI India for the moment.

Judging at current situation, it will be hard for the market to clear 2700 by year end. If market fails to cross over today’s high of 2620.45, high chance that it is going to test 1st support at 2560.15 and a resistance zone from 2620.45 - 2634.91 shall be formed. In consequent, all the previous support will also turn to resistance.

On the other hand, if market did manage to clear 2620.45, we might see market drifting aimlessly in the coming days. However,, based on the charting till now, the chances of market retreat to 2560.15 is higher.

Britain’s London Stock Exchange announced on Thursday that it is in exclusive talks to buy pan-European electronic trading platform Turquoise.

US NEWS Reports

• U.S. consumer spending soars to eight-year high; ‘cash for clunkers’ credited‏
• U.S. index of pending home sales rises for seventh straight month‏
• U.S. benchmark 30-year mortgage rate falls below 5%‏
• GM monthly U.S. sales down 45%; Ford’s decline is 5%, Chrysler’s 42%‏
• U.S. stocks marked their worst decline in about three months as a disappointing report on manufacturing early Thursday led to a broad sell-off for many of the companies that helped pace a surging third quarter in stocks, including JPMorgan, Caterpillar and American Express.
• Setting off Thursday’s session, a report on manufacturing activity restocked fears that a rally of more than six months in the stock market may have overextended the current economic landscape. Notably, some of the most economically sensitive sectors, those that had paced the market to its best quarterly performance since 1998 in the third quarter, were its weakest.

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.  <The Quick Picks referred herein contain overnight positions from Yesterday>

Bullish Stocks (Singapore)

Stock Prices last updated at 10.00 (Singapore Time)

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