Singapore Stock Market Updates: Focus On Bank Stocks

Morning Highlights

Our Focus For Today Is Still On Bank Stocks.

It was a positive start to the week as the STI shot up 2.1% dod to break a new record close for 2009 at 2,783.9 (66-week high). Several stocks from different sectors hit new yearly highs in yesterday’s charge as they marched to the tune of the regional rally.

Today, STI has went flat at open and started coming down slightly, off 6 points from yesterday’s close. Let’s observe further on market performance.

• China Farm broke high of 0.29, to wait for setups
• China Essence increased in price range and volume. Currently we are waiting for setups. There is resistance seen at 0.315.
• Olam pays A$160 million for almond orchards, water rights

Most of the Asian shares are mostly lower despite strong Wall Street lead. Hong Kong shares decline after hitting resistance at the key 23,000-point level, which it breaks briefly for the first time since July 2008.

On the other hand, Singapore market went into retracement during the 1st hour of morning session. Subsequently, there is a recovery of losses after 10:00. DBS plays last min catch up as its performance in yesterday’s trading lags behind both UOB and OCBC.

• Bernanke sees moderate U.S. growth in 2010 despite ’significant challenges’‏
• New York: Area factory-sector gauge retreats in November from 5-year high‏
• U.S. retail sales rise 1.4% in August as car sales rebound‏

CapitaMall Asia IPO priced at 2.12 (This year largest IPO)

• Trading Commencement: 25 Novemenber 2009
• Underwriter: J.P.Morgan (S.E.A.) Limited, DBS Bank Ltd.,Credit Suisse (Singapore) Limited, Deutsche Bank AG, Singapore Branch
• Issue Manager: J.P.Morgan (S.E.A.) Limited, DBS Bank Ltd.

Corporate Announcements

• Capitaland will be on trading halt this morning. In an earlier announcement, the company announced that it has injected $0.8bn of the net proceeds from its rights issue into CapitaMalls Asia.
• Keppel Corp has been awarded a bonus of $640,000 for delivering the KFELS B Class jackup rig, PV Drilling III, early to PetroVietnam Drilling & Well Services Corp.
• First Resources announced a 3Q09 net profit of Rp 262.4bn, an increase of 38.6% year-on-year.

Dividend Paid Dates

• Fri 4 Dec 09: DBS (net interim dividend per share of $0.14)
• Thur 14 Jan 10: SingTel (net interim dividend per share off S$0.062)

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 13.25 (Singapore Time)

Here’s Our Mid Term Holding Opportunities for property shares.

1. Allgreen Properties - Buy at 1.21, Stop Loss at 1.04
2. City Development - Buy at 10.50, Stop Loss at 9.55
3. Wing Tai Holdings - Buy at 1.75, Stop Loss at 1.55
4. Ezra - Buy at 2.08, Stop Loss at 1.66

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