STI MARKET REVIEW :
Singapore shares opened higher on
Wednesday. At 9.01am, the benchmark Straits Times Index was up 26.68
points, or 0.94 per cent, at 2,868.62 and ended 26.80 points or 0.94%
higher to 2868.74. STI came off from its intra-day peak of 2886.85
and low of 2855.78.
Singapore stocks traded lhigher at noon
on Wednesday. STI gains 0.88% to 2,867.00 at midday
LOCAL BOURSE
For those holding out for a roll back
of property curbs after an election victory by Singapore's ruling
party, the wait may be longer than anticipated.
The People's Action Party's emphatic
win at Friday's polls won't be enough to reverse measures put in
place as far back as 2009. The pace of decline in the city's home
prices need to double the 6.7% drop from the peak two years ago
before any of the restrictions will be eased.
Market forecast:
STI is expected to take side
ways trend. It has broken its resistance level of 2870, its support
level is at 2825. If it breaks this level it is expected to go down
to level of 2800, it has its resistance at 2890. Investor sentiment
are cautious over the pending FED decision to increase the interest
rate.
STI COUNTER SPECIFIC
NEWS
- Capitaland is up 1.1% at $2.80 after announcing a joint venture in Vietnam to build a residential project worth US$150 million ($210 million).
- Singapore Airlines is up 2.5% at $10.25 after the flag carrier reports a 2.5 percentage points increase in its passenger load factor in August.
- Technics Oil & Gas opened 10% higher at 66 cents after announcing a contract win worth $70.5 million to build a liftboat for a Malaysian customer whose name it did not reveal.
- China Ocean Shipping (Group) Company (Cosco) and China Shipping Group, two of the country's largest shipping firms, said shares in their listed companies would remain suspended pending a complex matter under research that may involve asset restructuring.
GLOBAL FACTORS AND WORLD INDICES:
- Hong Kong shares rose more than 2 per cent on Wednesday, encouraged by a late-hour surge in mainland China shares, but investors remained cautious ahead of a decision by the US Federal Reserve on whether to raise interest rates.
- British earnings, excluding bonuses, grew at their fastest rate in more than six years in the three months to July, official data showed on Wednesday. Growth in average weekly earnings, not including bonuses, rose by 2.9 in the May-July period, edging up slightly from the three months to June.
- Shanghai stocks closed up 4.89 per cent on Wednesday, halting a two-day slump, as investors returned to the market amid speculation of state-led buying.
- European shares climbed on Wednesday, with miner Glencore and fashion group Inditex outperforming, as the region's stock markets were buoyed by gains overnight on US and Asian equities. European FTSEurofirst 300 index advanced by 0.9 per cent while the euro zone's blue-chip Euro STOXX 50 index also rose one per cent.
- Indonesia is preparing a major overhaul of financial safety regulations to guard against the potential for bank collapses.
- World crude prices rose modestly Tuesday as traders eyed signs of slowing US oil production that could ease the global oversupply.
- Gold struggled to break out of a tight range near a one-month low on Wednesday, as investors waited to hear the outlook for US interest rates from a Federal Reserve policy meeting that kicks off later in the session. Spot gold was little changed at US$1,104.60 an ounce by 0330 GMT.
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