Singapore shares ended lower Friday as persistent concerns about the European debt crisis kept potential bargain hunters at bay.
The benchmark Straits Times Index closed 0.2%, or 6.78 points, lower at 2,772.75, after touching a low of 2,765.08, only the second time the index has stooped so low since mid-January.
For the week, the STI slipped 0.2%, adding to its 3.6% fall in the previous week. The index's gains on Monday and Tuesday were erased in the later part of the week, thanks to headlines suggesting Greece was preparing for an exit from the euro zone. Markets were also underwhelmed after a meeting of European Union leaders failed to provide any more clarity on plans to prevent a break up of the currency bloc. "Sadly nothing material has changed for investors on the grim outlook for the global economy, and the millstone around its neck called the euro zone," said Justin Harper, market strategist at IG Markets Singapore.
Losers and gainers across the market Friday were roughly even at 167 to 165, and volumes were slightly lower at 1.19 billion shares compared with 1.22 billion Thursday. The value of shares traded stood at S$820 million compared with S$896 million.
Local brokerage UOB KayHian said the 2,770 level remains "crucial support" for the STI. It expects further consolidation between that level and 2,835, fine-tuned from 2850, before another leg lower to around 2,680.
Among losers, Olam International's slide continued, ending down 1.8% at S$1.655, as fears over a global slowdown have dented sentiment toward commodity plays. The counter is now down 17.3% since it reported weaker-than-expected results in mid May.
Meanwhile, Global Logistic Properties closed up 2.3% at S$2.02, one of the STI's best performers after it said Thursday its fiscal fourth-quarter net profit more than tripled to US$156.5 million as the company recognized fair value gains on properties in China and Japan.
After the results, DBS Group Research said it continues to like GLP "for its leadership positioning in the Asian logistics warehouse space and strong execution track record." The house has a buy recommendation on the stock, with a S$2.31 target price.
Another top gainer was CapitaMalls Asia, which added 2.9% to S$1.425. The dividend-paying stock has attracted interest recently as the heavy selldown it has suffered since March has made its yield more attractive, analysts say
Just to share.
Thursday, May 31, 2012
Tuesday, May 22, 2012
Market Summary 20 May 2012
Singapore shares dropped sharply to a four-month low amid a regional selloff Friday as concerns over U.S. growth dovetailed with rising fears over the euro zone's political and economic troubles.
Ratings downgrades for Greece and Spanish banks by Fitch Ratings and Moody's Investors Service, respectively, soured sentiment in already-rattled markets, while weak U.S. Philadelphia Fed manufacturing data also weighed.
The 30-share Straits Times Index retreated 1.5%, or 43.51 points, to end at 2,779.10--the index's lowest close since Jan. 18--after slumping by as much as 2.1% earlier in the session. For the week, the index closed down 3.6%.
"Markets are expected to remain preoccupied with the state of the Greek and Spanish banking sectors while the prospect of a (Greek exit) continues to hang over investors' heads," OCBC said in a note, adding that particular attention would be given to any Greece-related rhetoric from the Group of Eight nations' weekend meeting. "With no clear positive catalyst on the horizon--given Greek elections will only happen next month, and that the earnings season is ending--I think the market could continue falling in low volumes" in the near term, said Kevin Scully, executive chairman at NRA Capital. He tips significant support for the STI first at 2,650, before 2,500.
Volume remained relatively thin at 1.61 billion shares, albeit up from the 1.2 billion shares traded Thursday. Decliners overwhelmed gainers 369 to 68.
Blue chips generally fell, with only one gainer on the benchmark index. Most commodity counters slipped, with Golden Agri-Resources dropping 4.5% to S$0.635 to become the biggest loser on the STI.
Wilmar International lost 2.8% to close at S$3.79--its lowest close in over three years--while Olam International fell 0.6% to S$1.73.
Developers too suffered, extending a poor recent run amid rising worries of further government intervention in the local property market. CapitaLand declined 3.5% to S$2.50, and City Developments dipped 2.9% to S$9.89.
Banks lost their luster, tracking their peers in China. United Overseas Bank dropped 3% to S$17.43, as DBS Group Holdings fell 2% to S$13.27. Oversea-Chinese Banking Corp. gave up 1.8% to end at S$8.42.
Just to Share.
Ratings downgrades for Greece and Spanish banks by Fitch Ratings and Moody's Investors Service, respectively, soured sentiment in already-rattled markets, while weak U.S. Philadelphia Fed manufacturing data also weighed.
The 30-share Straits Times Index retreated 1.5%, or 43.51 points, to end at 2,779.10--the index's lowest close since Jan. 18--after slumping by as much as 2.1% earlier in the session. For the week, the index closed down 3.6%.
"Markets are expected to remain preoccupied with the state of the Greek and Spanish banking sectors while the prospect of a (Greek exit) continues to hang over investors' heads," OCBC said in a note, adding that particular attention would be given to any Greece-related rhetoric from the Group of Eight nations' weekend meeting. "With no clear positive catalyst on the horizon--given Greek elections will only happen next month, and that the earnings season is ending--I think the market could continue falling in low volumes" in the near term, said Kevin Scully, executive chairman at NRA Capital. He tips significant support for the STI first at 2,650, before 2,500.
Volume remained relatively thin at 1.61 billion shares, albeit up from the 1.2 billion shares traded Thursday. Decliners overwhelmed gainers 369 to 68.
Blue chips generally fell, with only one gainer on the benchmark index. Most commodity counters slipped, with Golden Agri-Resources dropping 4.5% to S$0.635 to become the biggest loser on the STI.
Wilmar International lost 2.8% to close at S$3.79--its lowest close in over three years--while Olam International fell 0.6% to S$1.73.
Developers too suffered, extending a poor recent run amid rising worries of further government intervention in the local property market. CapitaLand declined 3.5% to S$2.50, and City Developments dipped 2.9% to S$9.89.
Banks lost their luster, tracking their peers in China. United Overseas Bank dropped 3% to S$17.43, as DBS Group Holdings fell 2% to S$13.27. Oversea-Chinese Banking Corp. gave up 1.8% to end at S$8.42.
Just to Share.
Sunday, May 13, 2012
Market Summary at 12 May 2012
Singapore shares closed at a more than three-month low Friday, capping off a volatile week in which the benchmark Straits Times Index shed 3.6% amid fresh uncertainty over Europe's debt problems while earnings from local blue chips have largely disappointed.
The Straits Times Index closed 0.7%, or 20.20 points, lower at 2,883.40, its lowest close since Jan. 30. Across the market, losers outnumbered gainers 312 to 97 and volume was a tad lower at 1.92 billion shares compared with 1.99 billion Thursday.
"Euro-zone debt worries are back with a vengeance" amid "austerity fatigue," said Lee Heng Guie, an analyst at CIMB in a note. "We expect more market volatility due to the potential policy clash between those in favor of and those against a restrictive fiscal compact (in Europe)," he said.
Apart from Europe's woes, local earnings have been far from encouraging, with many companies reporting sharp pullbacks in profits.
"The corporate earnings season has revealed a few cracks among Singapore's stalwarts," said Jason Hughes at IG Markets Singapore. "Singapore traders will be welcoming the weekend after a dire week," he added.
One of today's biggest casualties after reporting earnings was Genting Singapore. It shares shed 2.7% to S$1.625 after it said lower takings from its premium-gambler business pushed its first-quarter net profit down by 31% to S$211.5 million.
Among other blue-chip decliners still suffering after reporting disappointing earnings earlier in the week, Neptune Orient Lines ended down 2.6% at S$1.105 and Wilmar International shed 3.0% to S$4.14.
Singapore's banks however have been a relative bright spot amid the bleak corporate reports. All three banks have now reported strong growth in lending as well as trading and investment income.
Oversea-Chinese Banking Corp., Singapore's second largest bank by assets, ended up 0.1% at S$8.94 after its first-quarter net profit climbed 32% to S$832 million. The result beat market expectations thanks to stronger loan growth as well as improved performance from its life insurance subsidiary. DBS Group closed down 0.2% at S$13.87, while United Overseas Bank ended down 1.6% at S$18.30. The banks' relatively resilient performance comes despite a selloff for their global peers after news of US$2 billion in trading losses at U.S. banking giant JPMorgan Chase & Co.
Singapore Telecommunications was one of the day's best performers, adding 0.9% to S$3.24. Singapore's biggest firm by market capitalization on Thursday reported a 30% surge in fourth-quarter net profit to S$1.29 billion. Fellow telecoms firm StarHub ended up 0.6% at S$3.24.
Just to Share.
In the coming week, Europe will remain the key factor to drive the market action especially on their politics condition like Greece, Italian and French debt auctions. The STI seems enter a bearish condition, we should stay calm and monitor it until the consolidation mode is on. Otherwise it is better not to buy on pullback now.
The Straits Times Index closed 0.7%, or 20.20 points, lower at 2,883.40, its lowest close since Jan. 30. Across the market, losers outnumbered gainers 312 to 97 and volume was a tad lower at 1.92 billion shares compared with 1.99 billion Thursday.
"Euro-zone debt worries are back with a vengeance" amid "austerity fatigue," said Lee Heng Guie, an analyst at CIMB in a note. "We expect more market volatility due to the potential policy clash between those in favor of and those against a restrictive fiscal compact (in Europe)," he said.
Apart from Europe's woes, local earnings have been far from encouraging, with many companies reporting sharp pullbacks in profits.
"The corporate earnings season has revealed a few cracks among Singapore's stalwarts," said Jason Hughes at IG Markets Singapore. "Singapore traders will be welcoming the weekend after a dire week," he added.
One of today's biggest casualties after reporting earnings was Genting Singapore. It shares shed 2.7% to S$1.625 after it said lower takings from its premium-gambler business pushed its first-quarter net profit down by 31% to S$211.5 million.
Among other blue-chip decliners still suffering after reporting disappointing earnings earlier in the week, Neptune Orient Lines ended down 2.6% at S$1.105 and Wilmar International shed 3.0% to S$4.14.
Singapore's banks however have been a relative bright spot amid the bleak corporate reports. All three banks have now reported strong growth in lending as well as trading and investment income.
Oversea-Chinese Banking Corp., Singapore's second largest bank by assets, ended up 0.1% at S$8.94 after its first-quarter net profit climbed 32% to S$832 million. The result beat market expectations thanks to stronger loan growth as well as improved performance from its life insurance subsidiary. DBS Group closed down 0.2% at S$13.87, while United Overseas Bank ended down 1.6% at S$18.30. The banks' relatively resilient performance comes despite a selloff for their global peers after news of US$2 billion in trading losses at U.S. banking giant JPMorgan Chase & Co.
Singapore Telecommunications was one of the day's best performers, adding 0.9% to S$3.24. Singapore's biggest firm by market capitalization on Thursday reported a 30% surge in fourth-quarter net profit to S$1.29 billion. Fellow telecoms firm StarHub ended up 0.6% at S$3.24.
Just to Share.
In the coming week, Europe will remain the key factor to drive the market action especially on their politics condition like Greece, Italian and French debt auctions. The STI seems enter a bearish condition, we should stay calm and monitor it until the consolidation mode is on. Otherwise it is better not to buy on pullback now.
Wednesday, May 9, 2012
Cambridge Industrial Trust
I found a technical analysis report issued by OCBC regarding CIT at 04 May 2012.
Closing Price:$0.57
Last Market Volume: 3.4m shares
52 Week Range: $0.40 - $0.57
More upside ahead after bullish break
Key resistance overcame. Cambridge Industrial Trust is likely to see further recovery after initiating a rebound off its 9-month uptrend support recently; this was followed by a strong bullish break above the $0.56 key resistance on heavy volume yesterday.
Indicator is bullish. The MACD has just initiated a bullish crossover as well; this suggests that the upside
momentum is picking up again.
Next resistance at $0.66. The counter is likely to climb further towards the next key obstacle at $0.66 (peak in 2008) in the weeks ahead.
Immediate support at $0.56. Meanwhile, we advocate
a stop-loss exit at around $0.53, which is slightly below
the newly established resistance-turned-support of $0.56.
CIT broke the immediate support by today! It dropped to 0.55 due to overall unfavorable shares market. Can we make the assumption that the bullish forms is over? Erm.... i think CIT is stable yet, do not need to run now.
Although this report is a bit optimistic toward the CIT but i have to admit that it recommended a good stop loss exit point. If the shares market collapses and lead to CIT drops below 0.53, we really have to sell immediately. It is because CIT just resume their Dividend Reinvestment Plan and their offered price also about 0.53. It brings me the message that CIT management concluded their shares price worth more then that value at recent market. If it happened another way round (Drop beyond 0.53) due to uncontrollable overall shares market, then we have to just run. Next deep dive can be expected.
Anyway i hope this assumption not going to happen but i am preparing for the worst. If happen, at least i know how to re-act.
Sunday, May 6, 2012
Market Summary 4 May 2012
Singapore shares closed lower Friday, following a weak lead from Wall Street and mimicking the cautious trade seen across the region ahead of key U.S. payrolls data due later in the day.
"It was always going to be a struggle to put on any gains for the Straits Times Index today after such a bleak night of trading on Wall Street," said Justin Harper, market strategist at IG Markets Singapore. "The watchword across the region was caution ahead of a nervous weekend with non-farms and the Greek elections at the forefront of traders' minds," he added.
The benchmark STI closed 0.3%, or 10.35 points lower at 2,990.59, after trading in a narrow 10-point band throughout the day. For the week, the index has ground out a 0.3% gain. Losers outnumbered gainers 238 to 132 and volume was lower at 2.47 billion shares compared with 2.99 billion Thursday. The value of traded shares was S$865 million, compared with S$980 million Thursday.
Singapore-listed real estate investment trusts were in focus Friday, following news flow from two trusts.
Ascendas Real Estate Investment Trust closed 3.8% lower at S$2.01, after saying late Thursday it had priced a private placement of 150 million new units at S$1.99 each, the lower end of its indicative range and a 4.8% discount to its last traded price. The trust will raise S$298.5 million to be used for asset enhancement as well as construction of various assets.
CapitaMall Trust ended down 0.6% at S$1.805, after saying Thursday it is selling its Hougang Plaza shopping mall for S$119.1 million to a unit of property developer Oxley Holdings. The trust will raise about S$117.8 million in net proceeds from the sale, for potential acquisitions and debt repayment.
Most blue chips in Singapore ended weaker, led by banks and some commodity stocks. DBS group fell 0.2% to S$14.19. Oversea-Chinese Banking Corp. fell 0.2% to S$8.96 and United Overseas Bank slid 1.6% to S$19.00.
Supply chain manager Noble Group lost 1.2% to S$1.21 and peer Olam International fell 0.9% to S$2.28.
Global Logistic Properties was the STI's best performer, ending 1.5% higher at S$2.09, while City Developments also outperformed, closing up 1.4% at S$10.59.
Just to share.
"It was always going to be a struggle to put on any gains for the Straits Times Index today after such a bleak night of trading on Wall Street," said Justin Harper, market strategist at IG Markets Singapore. "The watchword across the region was caution ahead of a nervous weekend with non-farms and the Greek elections at the forefront of traders' minds," he added.
The benchmark STI closed 0.3%, or 10.35 points lower at 2,990.59, after trading in a narrow 10-point band throughout the day. For the week, the index has ground out a 0.3% gain. Losers outnumbered gainers 238 to 132 and volume was lower at 2.47 billion shares compared with 2.99 billion Thursday. The value of traded shares was S$865 million, compared with S$980 million Thursday.
Singapore-listed real estate investment trusts were in focus Friday, following news flow from two trusts.
Ascendas Real Estate Investment Trust closed 3.8% lower at S$2.01, after saying late Thursday it had priced a private placement of 150 million new units at S$1.99 each, the lower end of its indicative range and a 4.8% discount to its last traded price. The trust will raise S$298.5 million to be used for asset enhancement as well as construction of various assets.
CapitaMall Trust ended down 0.6% at S$1.805, after saying Thursday it is selling its Hougang Plaza shopping mall for S$119.1 million to a unit of property developer Oxley Holdings. The trust will raise about S$117.8 million in net proceeds from the sale, for potential acquisitions and debt repayment.
Most blue chips in Singapore ended weaker, led by banks and some commodity stocks. DBS group fell 0.2% to S$14.19. Oversea-Chinese Banking Corp. fell 0.2% to S$8.96 and United Overseas Bank slid 1.6% to S$19.00.
Supply chain manager Noble Group lost 1.2% to S$1.21 and peer Olam International fell 0.9% to S$2.28.
Global Logistic Properties was the STI's best performer, ending 1.5% higher at S$2.09, while City Developments also outperformed, closing up 1.4% at S$10.59.
Just to share.
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