Straits Times Index   

STI

DJ future had turned from red to green!

Hope this can help STI to close above water.

 

Personaly feel that no point to guess or find out the supporting level of sti. At present hold stock what ever you have it and keep cash in bank or defensive stock like Sintel or ST Eng, wait for next div. base on today price, Div @ 4%,.better than FD. until suituation clear than trade again.

 

Hi SingaporeGal, / TA gurus, SJ forumers, STI Index looks very weak after the recent corrections. Any one knows from the charts, what's the support level for STI?? Any opinions??? Thanks. mirage,

 

Quotes:

SINGAPORE - Singapore shares ended the morning session lower Thursday as investors cashed in gains, taking their lead from Wall Street's decline overnight as credit concerns continued to weigh. HSBC Holdings PLC announced Wednesday it would have to write down a further 3.4 billion US dollars from its US business because of exposure to subprime loans.

The benchmark Straits Times Index slipped 31.31 points or 0.9 percent to 3,493.60 at the midday break, after trading between 3,490.01 and 3,525.27.

Decliners beat gainers 433 to 166, with 195 stocks unchanged.

Volume was thin with 1.0 billion shares traded worth 971.3 million Singapore dollars.

Caution dominated the market as investors kept to the sidelines ahead the release of US consumer data tonight. "With the subprime issue still hanging in the air, the market is likely to remain volatile," said Westcomb Securities in a client note.

But analysts remain positive on the market, expecting the STI to trend higher once it bottoms out, supported by strong company results.

"Generally speaking, we are quite positive on the Asian markets," said Lorraine Tan, Asian equities strategist at Standard & Poor's. "Markets will continue to consolidate over the next week or so, but it would be a buying opportunity." Banking stocks were mostly lower following fresh news of subprime writedowns by major financial institutions despite the strong fundamentals of Singapore banks.

While local banks continue to post robust results, "investor attention will continue to be distracted by the ongoing concerns over the CDOs (collateralized debt obligations) and US subprime loan exposures," said Macquarie Research.

It said the provisions by banks for their CDO/US subprime exposures "may surprise in coming quarters notwithstanding strong fundamentals".

DBS Group fell 10 cents to 20.00 Singapore dollars and Oversea-Chinese Banking Corp declined 15 cents to 8.40 dollars, while United Overseas Bank was steady at 19.60 dollars.

Among blue chip decliners, Keppel Corp lost 20 cents to 13.10 dollars, Singapore Airlines slipped 20 cents to 18.60 dollars, Singapore Exchange fell 50 cents to 13.30 dollars, and SembCorp Industries was down 20 cents at 5.35 dollars.

Property heavyweights were also lower, with CapitaLand down 5 cents at 7.05 dollars and Keppel Land down 25 cents to 7.95 dollars. City Developments fell 10 cents to 14.10 dollars. On Wednesday the company reported that third-quarter net profit rose 32.1 percent to 169.5 million Singapore dollars from a year earlier on strong contributions from residential projects, office rents and higher hotel revenue.

DBS Vickers Securities cut its target price for City Developments to 14.91 dollars per share from 17.30 dollars, after revising downwards its revised net asset value for the stock in light of current concerns in the residential and office markets following government steps to cool the booming sector. Tat Hong Holdings bucked the broader market decline, adding 13 cents to 2.83 dollars after the tower crane leasing company reported a strong surge in earnings for its second quarter to September. OCBC Securities has lifted its target price for Tat Hong to 3.30 dollars a share from 2.34 dollars.

 

Asia/Pacific			Last Trade	Change	Related Info
^AORD	All Ordinaries	Australia	6,594.400 1:10PM SGT	55.600 (0.84%)	Components, More
^SSEC	Shanghai Composite	China	5,409.816 11:30AM SGT	2.878 (0.05%)	Components, More
^HSI	Hang Seng	Hong Kong	29,028.53 1:07PM SGT	137.48 (0.47%)	Components, More
^BSESN	BSE 30	India	19,848.94 1:07PM SGT	80.12 (0.40%)	More
^JKSE	Jakarta Composite	Indonesia	2,694.3149 1:22PM SGT	2.4438 (0.09%)	Components, More
^KLSE	KLSE Composite	Malaysia	1,384.58 Nov 14	1.15 (0.08%)	Components, More
^N225	Nikkei 225	Japan	15,471.64 1:02PM SGT	27.92 (0.18%)	More
^NZ50	NZX 50	New Zealand	4,113.050 1:00PM SGT	27.604 (0.67%)	Components, More
^STI	Straits Times	Singapore	3,493.60 12:30PM SGT	31.31 (0.89%)	Components, More
^KS11	Seoul Composite	South Korea	1,954.32 1:22PM SGT	18.26 (0.93%)	Components, More
^TWII	Taiwan Weighted	Taiwan	8,906.50 1:22PM SGT	36.43 (0.41%)	More

 

GLOBAL MARKETS-Asia stocks subdued after rally, yen steadies

Asian stocks took a breather on Thursday, a day after posting their best one-day gain in nearly two months as investors turned slightly cautious ahead of key U.S. consumer inflation data due later in the day.

Those worries kept a lid on the dollar, which recovered from overnight losses against a basket of major currencies <.DXY> but was struggling to make further headway.

Investors betting on falling U.S. crude inventories pushed oil up more than 3 percent to about $94 a barrel, and that in turn helped drive gold above $810 an ounce from near $800. U.S. light crude futures for December delivery hovered just below $94 a barrel in the early Asian session.

By 0035 GMT, Tokyo's Nikkei average <.N225> inched up 0.1 percent following Wednesday's 2.5 percent bounce, while MSCI's measure of other Asia Pacific stocks <.MIAPJ0000PUS> slipped 0.1 percent, taking a breather after a 3.3 percent jump in the previous session.

That rise for the MSCI index on Wednesday was the biggest one-day gain since the 4.1 percent rally on Sept. 19 and followed a string of losses over the last few sessions when credit worries weighed on sentiment.

Australia's S&P/ASX 200 index <.AXJO> climbed 0.2 percent after reversing opening losses, while South Korea's financial markets will open an hour later than usual at 0100 GMT due to college entrance examinations.

"It's a tough scenario at the moment. We're still very much tied to the fortunes in the U.S. - whether there is going to be significant slowdown there and the financials seem to be bearing the brunt of that caution," said Martin Arnold, equities economist at CommSec in Sydney.

Latest U.S. data showed retail sales rose by a sluggish 0.2 percent in October, in line with expectations, and producer prices edged up slightly. All eyes are on U.S. consumer prices due later on Thursday. [ID:nN14171188] "Investors still appear cautious about pushing the market higher, bracing for more fallout from the U.S. subprime troubles," added Kim Young-il, a fund manager at Hanwha Investment Trust Management in Seoul.

Given the uncertain environment, investors sought the safety of liquid blue-chip stocks such as Sony Corp. <6758.T> and Canon Inc <7751.T>, helping drive those stocks up about 1 percent.

Japan's second-largest bank Mizuho Financial Group <8411.T> advanced 1.1 percent despite posting a 17 percent drop in first-half profit on Wednesday. [ID:nT179959] Gold miners were also in favour following the rebound in gold prices with Newcrest Mining gaining 3 percent and Lihir Gold adding 0.7 percent.

Safe-haven Japanese government bonds also benefited from the uncertain outlook, pushing the yield on the benchmark 10-year bond down 2 basis points to 1.495 percent.

In the forex market, the dollar index <.DXY>, which tracks the U.S. currency against a basket of major currencies was little changed at 75.831, off the overnight low of 75.396.

The dollar was steady from late U.S. trading on Wednesday at 111.27 yen , but down from Wednesday's intraday high of 111.76 yen on electronic trading platform EBS.

The euro bought $1.4646, off the high of about $1.4725 on Wednesday, and fetched 163.09 yen , also off the previous session's high of 164.32 yen.

 

<>

STI makes first gain in five days as Wall St rallies

Goh Eng Yeow Thu, Nov 15, 2007 The Straits Times

STOCKS in Singapore snapped a four-day losing streak yesterday, as bargain hunters took the hint from Wall Street's high-octane rebound overnight and piled back into badly battered blue chips. But while prices turned north again, there was little sign of exuberance among traders. It did not help that Sino-Environment Technology Group, a China play, plunged 25 per cent after revealing a delay in its maiden desulphurisation plant. This bolt from the blue caused the Straits Times Index (STI) to pare one-third of its gains, closing 49.44 points up at 3,524.91. At one point, it was 77 points ahead. But while Singapore was relatively subdued, Hong Kong's Hang Seng Index surged 4.9 per cent, or 1,362.66 points, and China's Shanghai Composite Index rose nearly 5 per cent, underlining the energising effect of Wall Street's 319.5-point gain. Yet, there was a big sigh of relief among dealers, who felt the region-wide selldown by hedge funds seemed to be over for now. 'The correction in the past few days has been painful. I am looking forward to the rebound to recoup some of my losses. What I fear is a bear trap,' said a remisier yesterday. But the collapse in Sino-Environment was almost too painful to behold. Investors dumped the shares after it disclosed that it had been asked to delay its desulphurisation project at the Xinjiang Changji Power Plant. With CIMB-GK cutting its call on the stock from outperform to neutral, it lost about 14 per cent of its value by lunchtime. A further selldown during the last hour of trading caused its loss to escalate to 25 per cent as it plunged 78 cents to $2.28. This cast a pall over other S-shares, China plays listed in Singapore, even though H-shares, their Hong Kong peers, rose by 6.8 per cent. This was fuelled by renewed hopes that a 'through train' programme by China to let its citizens buy into Hong Kong stocks is still in the pipeline. Among speculative S-shares, Delong Holdings fell 13 cents to $2.58, while even solid China plays such as Cosco Corp closed just 10 cents up at $6.85. The collateral fallout was also felt by debutant China New Town Development, which closed three cents below its 83-cent listing price at 80 cents. But property and shipyards were back in demand, as the US dollar strengthened against the yen, and crude oil retreated towards US$90 a barrel. Keppel Corp gained 30 cents to $13.30, and SembCorp Marine rose four cents to $4.42. The Singapore Exchange, which rose 80 cents to $13.80 as the sell-off abated, was among the biggest gainers. Biodiesel plays were among the star performers, after crude palm oil prices hit new highs and plantation firms unveiled sterling results. Plantation giant Wilmar International rose by 36 cents to $4.82. It reported a fourfold jump in third-quarter gains to US$195 million (S$283 million). Among property counters, CapitaLand rose 15 cents to $7.10, while Wing Tai Holdings gained 16 cents to $2.75. But banks were hurt by concerns over credit woes in the United States. DBS Group Holdings ended unchanged at $20.10, while United Overseas Bank rose just 10 cents to $19.60, after investors took advantage of initial gains made by both counters to pare their holdings. After the market closed, HSBC Holdings said it had taken a US$3.4 billion charge against its US consumer finance business and warned that problems with bad debts relating to mortgages were spreading to other loans such as credit cards.

 

Asia/Pacific			Last Trade	Change	Related Info
^AORD	All Ordinaries	Australia	6,650.000 1:11PM SGT	79.100 (1.20%)	Components, More
^SSEC	Shanghai Composite	China	5,350.303 2:06PM SGT	192.185 (3.73%)	Components, More
^HSI	Hang Seng	Hong Kong	28,826.98 2:21PM SGT	1,023.63 (3.68%)	Components, More
^BSESN	BSE 30	India	19,646.72 2:21PM SGT	611.24 (3.21%)	More
^JKSE	Jakarta Composite	Indonesia	2,709.479 2:36PM SGT	55.271 (2.08%)	Components, More
^KLSE	KLSE Composite	Malaysia	1,383.43 Nov 13	1.08 (0.08%)	Components, More
^N225	Nikkei 225	Japan	15,499.56 2:00PM SGT	372.93 (2.47%)	More
^NZ50	NZX 50	New Zealand	4,140.654 12:31PM SGT	33.501 (0.82%)	Components, More
^STI	Straits Times	Singapore	3,544.35 2:35PM SGT	68.88 (1.98%)	Components, More
^KS11	Seoul Composite	South Korea	1,972.58 2:02PM SGT	39.69 (2.05%)	Components, More
^TWII	Taiwan Weighted	Taiwan	8,942.93 1:46PM SGT	215.72 (2.47%)	More

 

DOW up by 319.54! Will STI cheong today...

 

Good news - the 3434 level held up perfectly.

Expect a significant rebound for DJIA tonight and STI tomorrow.

 

Asia/Pacific			Last Trade	Change	Related Info
^AORD	All Ordinaries	Australia	6,570.900 1:10PM SGT	47.600 (0.73%)	Components, More
^SSEC	Shanghai Composite	China	5,196.708 1:51PM SGT	8.973 (0.17%)	Components, More
^HSI	Hang Seng	Hong Kong	27,171.83 2:06PM SGT	493.90 (1.79%)	Components, More
^BSESN	BSE 30	India	18,773.41 2:06PM SGT	36.14 (0.19%)	More
^JKSE	Jakarta Composite	Indonesia	2,633.978 2:21PM SGT	37.9241 (1.42%)	Components, More
^KLSE	KLSE Composite	Malaysia	1,382.35 Nov 12	19.90 (1.42%)	Components, More
^N225	Nikkei 225	Japan	15,126.63 2:00PM SGT	70.46 (0.46%)	More
^NZ50	NZX 50	New Zealand	4,107.153 12:31PM SGT	18.019 (0.44%)	Components, More
^STI	Straits Times	Singapore	3,460.72 2:21PM SGT	50.40 (1.44%)	Components, More
^KS11	Seoul Composite	South Korea	1,932.89 2:02PM SGT	9.47 (0.49%)	Components, More
^TWII	Taiwan Weighted	Taiwan	8,727.21 1:46PM SGT	56.60 (0.65%)	More

 

3434 = 50% Fibo retracement from 2961 to 3905. Rebounding.

 

 

3500 broke, 3483 also broke, so where now?

 

sure hope u are right =) coz the opposite would also indicate disaster

 

3483 is actually a strong support derived from the previous lows in Jun - Jul 07. Likely right now there will be a rebound up. STI has already corrected to lying just above the 200d ema. In addition STI is now close to the uptrend support line drawn from the lows in Jul 06 to Aug 07.

The rebound should be around now.

 

UOB KH - Not a bear market, look out for a rebound

We had been relatively cautious on the Singapore bourse in recent weeks and had repeatedly recommended selling into strength. Our justification then was that equity markets were pricing in a recovery way too soon while bond markets were noticeably cautious. From an Elliott wave stand point, there was the possibility that some of the major indices were in terminal stages of wave 5. However, price action now suggests that the present correction for the STI, HSI and major US equity indices to still stay within wave 4 correction. In Singapore, the ST Index is nearing the end of the first leg of correction. We are now less bearish and think that the risk/reward profile is the most attractive despite the negative newsflow. We explain our rationale as follows:

1. The move from 2,962 to 3,905 is so far only a three-legged move. Major bear markets seldom commence after three upward moves, but is usually preceded by a five legged up move. None of the major markets show such a pattern. For the ST Index, our take now is that the present decline is part of wave 4 of (5). The first leg of this decline is nearing completion.

2. Various indicators like RSI and oscillators suggest that the bourse is entering into an oversold level. In addition, as the key index corrects towards the 3,520- 3,450 level, it would have corrected the euphoric reaction to the US Fed?s initial rate cut. From a psychological perspective, this means that a reversal from euphoria to fear and thus an inflexion point from which the market could reaccess. The cessation of the selling momentum is sufficient for a relief rally. We also note that the index has already gapped down twice over the past six trading days and a wider gap would be deemed an exhaustion gap. Typically, it marks the culmination of a near-term trend. Today, we could witness such a gap. If so, we recommend accumulating gradually as the ST Index approaches 3,520- 3,540.

3. We have outlined the wave formation of the decline of the ST Index from 3,905 to the present decline towards 3,580. We think the key index is at the terminal stages of a significant decline and an important low could form near 3,520-3,540. We also think that this low point will hold for the rest of the year.

4. We think sticking to core blue chips would be the best strategy. Banking stocks would be good bets. DBS at S$20.00 would be at a technical support level and close to 1.5X FY07 P/B. SingTel is well supported at S$3.80 and if should hold if it breaks at S$3.70. As such, the S$3.70-3.80 range would be a good entry range. Resistance is at S$4.10. SGX is supported at S$14.00 and a break at S$13.70-13.80 should offer support. We also like developers, Wing Tai and Ho Bee at S$2.75-2.79 and S$1.75-1.78 respectively.

 

Asia Stocks Week Ahead-Credit worries, high oil cloud market



Asian stock markets are likely to be pinned down by inflation worries as oil prices hit a record high and as the credit crisis plays out, although some buyers might snap up stocks that were hit particularly hard by the recent sell-off.

Further Wall Street losses on Friday, triggered by news that Wachovia , the fourth-largest U.S. bank, lost $1.1 billion last month, are set to add to the downward pressure on international stock markets.

Market watchers say miners will be a bright spot in the region after BHP Billiton's takeover bid for rival Rio Tinto fuels expectations for more deals in the sector.

Investors will also watch U.S. inflation data for signs of whether there is any price pressure building up following the rally in oil prices to a record high above $98 a barrel.

Signs of higher-than-expected inflation will curb expectation of another U.S. interest rate cut, which has supported markets early this month.

MSCI's measure of Asia Pacific stocks excluding Japan <.MIAPJ0000PUS> dropped sharply as credit fears pounded financial stocks and a weak dollar dragged exporters lower. But it was still up about 40 percent this year.

After the strong rally in the last few months since the U.S.

Federal Reserve started cutting its key funds rate in September, markets have run ahead of fundamentals, some analysts say.

"So it's not surprising to see a correction at the moment," said Garry Evans, Asia Pacific equity strategist at HSBC.

"We've got still quite difficult credit markets globally and question marks over the outlook for the U.S. economy. It's going to be choppy until the end of the year." FACTORS TO WATCH (FOR WEEK STARTING NOV 12) ** For Asian company earnings, see [ASIA/EQTY] ** Key U.S. earnings/data (for Wall Street report, see [.N]) Monday - Veterans Day: U.S. bond markets closed Tuesday - Earnings: Wal-Mart Stores Q3 Wednesday - Oct producer prices, retail sales; Sept business inventories - Earnings: Applied Materials Q4 Thursday - Oct consumer prices, real earnings -- ** IN JAPAN (for Tokyo report, see [.T]) The Nikkei average is seen nearing a bottom after a 5.7 percent drop in the past week as investors return to some battered stocks.

"The sell-off will probably peak out ... and the market may go back to the upward trend, at least for a little while," said Yosuke Shimizu, head of investment centre at Monex Inc.

Shimizu said the rebound was likely to be led by companies with solid earnings prospects such as trading houses and shipping firms. He forecast the Nikkei <.N225> to move between 15,300 and 16,200.

Monday - Earnings: Isuzu Motors <7202.T> H1 results - Bank of Japan 2-day policy meeting starts - Oct corporate goods price index - Sept current account; Oct consumer confidence Tuesday - Earnings: Aiful <8515.T>, Taiheiyo Cement <5233.T> - BOJ policy meeting outcome - July-Sept quarter GDP data (preliminary) Wednesday - Earnings: Shinsei Bank <8303.T> H1 results Thursday - Sept METI tertiary sector activity index Friday - Earnings: Olympus Corp <7733.T> H1 earnings - BOJ Oct 10-11 policy meeting minutes - Sept leading indicator (revised) -- ** IN KOREA (for Seoul report, see [.KS]) Stocks are expected to trade in a tight range, hamstrung by worries about the strength in the South Korean currency and record high oil prices.

A string of U.S. economic indicators, which would provide a clue as to how the subprime mortgage troubles are affecting demand in the world's largest economy, will be watched.

"It won't be easy for the market to regain stability, with U.S. markets staggering and oil prices remaining at historic highs," said Kim Joong-hyun, a market analyst at Goodmorning Shinhan Securities.

"The credit crisis, a firm won and record oil prices are not a problem that can be resolved in a short period of time." Wednesday - Oct unemployment rate,1:30 p.m. (0430 GMT) -- ** IN HONG KONG (for Hong Kong report, see [.HK]) Brokers expect Hong Kong stocks will be prone to more weakness, with the U.S. Veterans day holiday dampening turnover.

"We ought to go to 27,800," said Andrew Sullivan, head of sales trading at Daiwa Securities, suggesting a further fall of about 1,000 points for the key Hang Seng Index <.HSI>.

"Until we consolidate, we'll just see volatility." Monday - Sept external trade price, volume Tuesday - Zhong An Real Estate <0672.HK> and GCL Poly Energy Holdings Ltd <3800.HK> debut Wednesday - Oct external assets of the Exchange Fund Results: Hong Kong Exchanges and Clearing <0388.HK>; Tencent Holdings <0700.HK> Friday - Q3 Gross Domestic Product -- Keywords: MARKETS ASIA WEEKAHEAD -- ** IN AUSTRALIA/NZ (for Sydney/Wellington report, see [.AX]) Shares could see further gains as the mining sector continue to get a lift from global miner BHP Billiton Ltd's bid for rival Rio Tinto Ltd.

"It does signal the view from the industry of how strong the outlook is for commodities," said Greg Goodsell, equity strategist at ABN AMRO.

BHP made a long-awaited bid approach to Rio Tinto, but Rio rejected the all-share proposal as too low [ID:nL082782] But analysts warn that the market remains vulnerable to further bad news stemming from global credit markets.

Monday - Sept lending finance data, 0030 GMT - Earnings: Orica full-year Tuesday - Earnings: Macquarie Group first-half - Insurance Australia Group AGM Wednesday - Nov consumer sentiment, Q3 wage Price Index - BlueScope Steel , Qantas AGMs Thursday - Q3 average weekly earnings 0030 GMT - Lend Lease , Wesfarmers AGMs - Woodside Petroleum Ltd investor briefing Friday - Woolworths , Brambles AGMs -- ** IN TAIWAN (for Taiwan report, see [.TW]) The TAIEX index is set to be volatile as investors focus on short-term day trades given the cloudy outlook.

"We suggest staying with blue-chip stocks, which are more stable in the current market environment," said Jerry Chang, a portfolio manager at National Investment Trust, which manages $45.5 million in funds.

The index could hit a low at about 8,800 points and a high at 9,400 points in the next month, he added.

-- ** IN SOUTHEAST ASIA (for SE Asia report, see [.SO]) Investors will look to the U.S. markets to see the spill over from the ongoing credit turmoil, while the outlook for corporate earnings may be dampened by high oil prices as record-breaking crude erodes profit margins.

"A lot will be focused on subprime and oil prices. Some of the write-offs in the U.S. are reminding investors that things aren't as clear as they are," said Kwok Chern Yeh, an investment manager at Aberdeen Asset Management.

 

SE Asia Stocks-Singapore falls 2 pct, SingTel leads losses

SINGAPORE, Nov 9 (Reuters) - Singapore shares <.STI> fell 2 percent on Friday, with losses led by index-heavy stocks such as Singapore Telecommunications <STEL.SI> and DBS Group <DBSM.SI>, as the market caught up with the regional sell-off a day ago after closing for a public holiday.
    Malaysian shares <.KLSE>, which also skipped a day of trade on Thursday, were down 0.8 percent. Vietnam's key index <.VNI> fell 0.8 percent.
    But other regional markets rebounded on hope that the U.S. Federal Reserve would further cut interest rates, with Indonesian shares <.JKSE> up 1.1 percent, the Philippine index <.PSI> rose 0.3 percent and Thai stocks <.SETI> up 0.4 percent by 0936 GMT.
"It's worth noting that Bernanke reiterated that the Fed stands ready to act if the economic data warrants and we think it will," said Shane Oliver, head of investment strategy and chief economist at AMP Capital Investors.
    Fed Chairman Ben Bernanke told lawmakers on Thursday that the U.S. economy did not appear headed for recession but warned growth could prove weaker than expected and inflation higher, comments which some said suggested a greater likelihood that the U.S. central bank would cut rates again. [ID:nN08239430]
    "The combination of ongoing worries about the impact of the subprime crisis, record oil prices, the falling U.S. dollar and whether the Fed will cut interest rates quickly enough are all likely to weigh on global shares for the next few weeks," Oliver said in a note.
    The dollar continued its slide, testing record lows against a basket of currencies <.DXY>, helping drive crude oil prices <CLc1> towards $100 a barrel.
    In Singapore, the region's top telecom firm SingTel fell 2.5 percent while DBS was down 2.4 percent.
    Southeast Asia's top lender said Thailand is still an attractive market as it hunts for higher growth overseas, despite its failure to buy a bigger stake in the country's loss-making TMB Bank <TMB.BK>. [ID:nSP125863]
    Number two United Overseas Bank <UOBH.SI> dropped 2 percent and Oversea-Chinese Banking Corp <OCBC.SI> slid 1.7 percent.
    Singapore Exchange <SGXL.SI>, Asia's second-biggest listed bourse operator, fell 4.7 percent as investors worried that market jitters would curb trading activity and hit the firm's earnings.
    The marketwide slump also hit market debutant Saizen Real Estate Investment Trust <SZNR.SI>, which started trade 6 percent below its issue price and closed down 14 percent. [ID:nSGC001376]
    Tokyo-based Asia Pacific Land, which was planning a $350 million initial public offering, said on Friday that it would postpone its listing on concerns of the performance of the issue. [ID:nSGC001377]
    In Malaysia, top listed plantation firm IOI Corp <IOIB.KL> fell 4.5 percent, while the country's second-largest bank Bumiputra-Commerce Holdings <BUCM.KL> was down 3.5 percent.
    Top lender Malayan Banking <MBBM.KL> and Public Bank <PUBM.KL> both slipped 0.9 percent.
    In Indonesia, state-controlled miner PT Aneka Tambang <ANTM.JK> and PT Indofood Sukses Makmur Tbk <INDF.JK>, the world's largest instant noodle maker, both rallied 10.5 percent.
    In Thailand, top energy firm PTT PCL <PTT.BK> rose 2 percent ahead of its results announcement, due around 1000 GMT.
    The company was expected to report a 2.8 percent rise in quarterly profit from a year ago due to higher gas sales and refining margins, but a poor performance by its chemicals business may weigh. [ID:nBKK235362]
    PTT Exploration & Production <PTTE.BK> was up 0.7 percent. 
     
    FACTORS TO WATCH
*Japan's Asia Pacific Land delays Singapore IPO  [nSGC001377]
*Singapore's Delong plans S$220 mln convertible  [nSFC000032]
*Singapore Exchange sees Chinese listings flowing[nSIN335687]
*Rowsley to report on delayed takeover deal      [nSIN125178]
*DBS still keen on Thailand after TMB bid failure[nSP125863]
*Indonesian crude palm oil rise to a record high [nJAK24504]
*Malaysia c.bank to release Q3 GDP on Nov 28     [nKLR98570]
*Malaysian Air buys ATR planes for $285 mln      [nKLR80143]
*Indonesia's Tunas Ridean eyes 750 bln rph bonds [nJAK78667]
*Thai Sahaviriya Steel sees better 2008 sales    [nBKK61929]
*ING may raise stake in Thai TMB in next few yrs [nBKK172726]
*Manila's Petron sees higher '08 earnings growth [nMAN128717]
*Manila's Megaworld 9-mth net income up 52 pct   [nMAN122263] 

    SOUTHEAST ASIAN STOCK MARKETS
Change on the day at 0936 GMT
Market       Current      Prev Close     Pct Move
Singapore    3599.67      3673.01         -2.00
Bangkok       876.91       873.64         +0.37
Manila       3703.66      3692.10         +0.31
Jakarta      2707.67      2678.22         +1.10
Kuala Lumpur 1402.25      1413.85         -0.82
Ho Chi Minh  1018.29      1026.47         -0.80

Change on year
Market       Current     End prev yr     Pct Move
Singapore    3599.67      2985.83        +20.56
Bangkok       876.91       679.84        +28.99
Manila       3703.66      2982.54        +24.18
Jakarta      2707.67      1805.52        +49.97
Kuala Lumpur 1402.25      1096.24        +27.91
Ho Chi Minh  1018.29       751.77        +35.45

 

Asia Stocks Week Ahead-Credit worries, high oil cloud market



Nov 9 (Reuters) - Asian stock markets are likely to be pinned down by inflation worries as oil prices hit a record high and as the credit crisis plays out, although some buyers might snap up stocks that were hit particularly hard by the recent sell-off.

Market watchers say miners will be a bright spot in the region after BHP Billiton's takeover bid for rival Rio Tinto fuels expectations for more deals in the sector.

Investors will also watch U.S. inflation data for signs of whether there is any price pressure building up following the rally in oil prices to a record high above $98 a barrel.

Signs of higher-than-expected inflation will curb expectation of another U.S. interest rate cut, which has supported markets late in the past week.

MSCI's measure of Asia Pacific stocks excluding Japan <.MIAPJ0000PUS> dropped sharply as credit fears pounded financial stocks and a weak dollar dragged exporters lower. But it was still up about 40 percent this year.

After the strong rally in the last few months since the U.S.

Federal Reserve started cutting its key funds rate in September, markets have run ahead of fundamentals, some analysts say.

"So it's not surprising to see a correction at the moment," said Garry Evans, Asia Pacific equity strategist at HSBC.

"We've got still quite difficult credit markets globally and question marks over the outlook for the U.S. economy. It's going to be choppy until the end of the year." FACTORS TO WATCH (FOR WEEK STARTING NOV 12) ** For Asian company earnings, see [ASIA/EQTY] ** Key U.S. earnings/data (for Wall Street report, see [.N]) Monday - Veterans Day: U.S. bond markets closed Tuesday - Earnings: Wal-Mart Stores Q3 Wednesday - Oct producer prices, retail sales; Sept business inventories - Earnings: Applied Materials Q4 Thursday - Oct consumer prices, real earnings -- ** IN JAPAN (for Tokyo report, see [.T]) The Nikkei average is seen nearing a bottom after a 5.7 percent drop in the past week as investors return to some battered stocks.

"The sell-off will probably peak out next week or the week after, and the market may go back to the upward trend, at least for a little while," said Yosuke Shimizu, head of investment centre at Monex Inc.

Shimizu said the rebound was likely to be led by companies with solid earnings prospects such as trading houses and shipping firms. He forecast the Nikkei <.N225> to move between 15,300 and 16,200.

Monday - Earnings: Isuzu Motors <7202.T> H1 results - Bank of Japan 2-day policy meeting starts - Oct corporate goods price index - Sept current account; Oct consumer confidence Tuesday - Earnings: Aiful <8515.T>, Taiheiyo Cement <5233.T> - BOJ policy meeting outcome - July-Sept quarter GDP data (preliminary) Wednesday - Earnings: Shinsei Bank <8303.T> H1 results Thursday - Sept METI tertiary sector activity index Friday - Earnings: Olympus Corp <7733.T> H1 earnings - BOJ Oct 10-11 policy meeting minutes - Sept leading indicator (revised) -- ** IN KOREA (for Seoul report, see [.KS]) Stocks are expected to trade in a tight range, hamstrung by worries about the strength in the South Korean currency and record high oil prices.

A string of U.S. economic indicators, which would provide a clue as to how the subprime mortgage troubles are affecting demand in the world's largest economy, will be watched.

"It won't be easy for the market to regain stability, with U.S. markets staggering and oil prices remaining at historic highs," said Kim Joong-hyun, a market analyst at Goodmorning Shinhan Securities.

"The credit crisis, a firm won and record oil prices are not a problem that can be resolved in a short period of time." Wednesday - Oct unemployment rate,1:30 p.m. (0430 GMT) -- ** IN HONG KONG (for Hong Kong report, see [.HK]) Brokers expect Hong Kong stocks will be prone to more weakness, with the U.S. Veterans day holiday dampening turnover.

"We ought to go to 27,800," said Andrew Sullivan, head of sales trading at Daiwa Securities, suggesting a further fall of about 1,000 points for the key Hang Seng Index <.HSI>.

"Until we consolidate, we'll just see volatility." Monday - Sept external trade price, volume Tuesday - Zhong An Real Estate <0672.HK> and GCL Poly Energy Holdings Ltd <3800.HK> debut Wednesday - Oct external assets of the Exchange Fund Results: Hong Kong Exchanges and Clearing <0388.HK>; Tencent Holdings <0700.HK> Friday - Q3 Gross Domestic Product -- Keywords: MARKETS ASIA WEEKAHEAD -- ** IN AUSTRALIA/NZ (for Sydney/Wellington report, see [.AX]) Shares could see further gains as the mining sector continue to get a lift from global miner BHP Billiton Ltd's bid for rival Rio Tinto Ltd.

"It does signal the view from the industry of how strong the outlook is for commodities," said Greg Goodsell, equity strategist at ABN AMRO.

BHP made a long-awaited bid approach to Rio Tinto, but Rio rejected the all-share proposal as too low [ID:nL082782] But analysts warn that the market remains vulnerable to further bad news stemming from global credit markets.

Monday - Sept lending finance data, 0030 GMT - Earnings: Orica full-year Tuesday - Earnings: Macquarie Group first-half - Insurance Australia Group AGM Wednesday - Nov consumer sentiment, Q3 wage Price Index - BlueScope Steel , Qantas AGMs Thursday - Q3 average weekly earnings 0030 GMT - Lend Lease , Wesfarmers AGMs - Woodside Petroleum Ltd investor briefing Friday - Woolworths , Brambles AGMs -- ** IN TAIWAN (for Taiwan report, see [.TW]) The TAIEX index is set to be volatile as investors focus on short-term day trades given the cloudy outlook.

"We suggest staying with blue-chip stocks, which are more stable in the current market environment," said Jerry Chang, a portfolio manager at National Investment Trust, which manages $45.5 million in funds.

The index could hit a low at about 8,800 points and a high at 9,400 points in the next month, he added.

-- ** IN SOUTHEAST ASIA (for SE Asia report, see [.SO]) Investors will look to the U.S. markets to see the spill over from the ongoing credit turmoil, while the outlook for corporate earnings may be dampened by high oil prices as record-breaking crude erodes profit margins.

"A lot will be focused on subprime and oil prices. Some of the write-offs in the U.S. are reminding investors that things aren't as clear as they are," said Kwok Chern Yeh, an investment manager at Aberdeen Asset Management.

Thursday - Singapore Sept retail sales - Philippine rate-setting meeting - Philippine Oct outstanding commercial bank loans - Philippine Sept OFW remittances data Friday - Singapore Oct exports data - Malaysia Sept manufacturing sales data - Philippine Oct BOP data -- ** IN SOUTH ASIA (for Mumbai report, see [.BO]) Indian shares are expected to tread warily in a tight range as lingering worries over the fallout from the U.S. subprime mortgage crisis weigh on sentiment.

 

Sianz. Deepavali holiday also can't save our market from the impact.

Name	Prev	Last	+/-	%	High	Low
All-S Equities Com	1262.82	1253.77	-9.05	-0.7	1254.98	1241.29
All-S Equities Cons	636.44	629.92	-6.52	-1.0	629.92	624.13
All-S Equities Fin	2519.81	2464.94	-54.87	-2.2	2497.30	2450.98
All-S Equities Hotels	1461.76	1437.08	-24.68	-1.7	1437.84	1414.76
All-S Equities Mfg	1603.90	1586.37	-17.53	-1.1	1605.02	1578.14
All-S Equities MultiI	2847.55	2809.23	-38.32	-1.3	2816.99	2777.97
All-S Equities Prop	1483.30	1444.54	-38.76	-2.6	1470.36	1442.53
All-S Equities TSC	1876.94	1838.71	-38.23	-2.0	1849.02	1828.14
All-SingEquities	1022.09	1004.24	-17.85	-1.7	1009.26	1000.32
BT-SRI	1907.55	1871.17	-36.38	-1.9	1892.61	1860.81
SingEquities Elect	113.83	111.13	-2.70	-2.4	112.63	110.39
SingEquities Foreign	370.19	365.26	-4.93	-1.3	367.92	363.03
SingEquities Mainbd	191.96	188.71	-3.25	-1.7	189.70	188.08
Straits Times Index	3673.01	3599.67	-73.34	-2.0	3632.76	3580.36
UOB Sesdaq	225.86	223.61	-2.25	-1.0	224.09	220.82