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The property situation could have severely dampened market sentiment...
Since the property market largely leads the economy here, it may take time for things to revert to normal...
very disappointing, don't know what happen but strong forces in selling down pushing many stocks even strong bule chips to dive .....
are we (STI) so weak???? people go down, we go down much deeper.... people goes up, we wait and see.... so is always in negative like you make a little and loose alot
Thats the problem with STI, I think we can never beat HangSeng Index ( in %) rise. HongKong have China backing next door. But we have too many enemies next door waiting to shoot us down.
What a day! Was totally expecting STI to cheong today! Disappointing disappointing...
What a day. From happy opening to sad ending.
So X'mas present has not come after all.
| Name |
Prev |
Last |
+/- |
% |
High |
Low |
| All-S Equities Com |
1295.07 |
1314.66 |
+19.59 |
+1.5 |
1325.00 |
1306.68 |
| All-S Equities Cons |
644.17 |
651.06 |
+6.89 |
+1.1 |
660.93 |
650.56 |
| All-S Equities Fin |
2630.75 |
2623.53 |
-7.22 |
-0.3 |
2647.48 |
2623.53 |
| All-S Equities Hotels |
1503.49 |
1507.30 |
+3.81 |
+0.3 |
1516.02 |
1504.04 |
| All-S Equities Mfg |
1567.49 |
1568.60 |
+1.11 |
+0.1 |
1584.17 |
1565.42 |
| All-S Equities MultiI |
2914.33 |
2927.59 |
+13.26 |
+0.5 |
2955.64 |
2894.39 |
| All-S Equities Prop |
1558.03 |
1555.08 |
-2.95 |
-0.2 |
1568.48 |
1549.50 |
| All-S Equities TSC |
1915.71 |
1908.88 |
-6.83 |
-0.4 |
1943.73 |
1901.99 |
| All-SingEquities |
1044.16 |
1043.98 |
-0.18 |
0.0 |
1054.13 |
1042.28 |
| BT-SRI |
1974.36 |
1973.12 |
-1.24 |
-0.1 |
1989.19 |
1972.49 |
| SingEquities Elect |
110.17 |
109.31 |
-0.86 |
-0.8 |
111.41 |
108.79 |
| SingEquities Foreign |
388.64 |
391.74 |
+3.10 |
+0.8 |
394.79 |
385.12 |
| SingEquities Mainbd |
196.79 |
196.97 |
+0.18 |
+0.1 |
198.72 |
196.87 |
| Straits Times Index |
3805.70 |
3803.56 |
-2.14 |
-0.1 |
3842.95 |
3796.93 |
| UOB Sesdaq |
234.57 |
236.36 |
+1.79 |
+0.8 |
238.81 |
234.97 |
Drop probably influenced by fall in European shares this afternoon, which cud influence US tonite.
STI is red now! What a day.
On a negative note, the interest rate may have led to :
1. weakening of the US dollar - more companies may be exposed to forex losses
2. oil prices rocketed - some businesses will be affected
3. US housing problem still exist
However, on a positive note, it could be BB accumulating (shorting and then buying low).
Just my thoughts that the interest rate cut may lead to a short rally, but prices go up now more because of liquidity then fundamentals.
Have any of you notice, STI actually came down a lot compared to peak of the day.
Now just +8.
HSI also coming bakc down to earth.
lifeless morning for the sti
GLOBAL MARKETS-Stocks, oil race to new peaks after Fed rate cut
Asian stocks and oil prices rose to fresh peaks on Thursday while the dollar struggled after the Federal Reserve cut U.S. interest rates to buffer the world's biggest economy from a housing slump.
The U.S. rate cut and weak dollar, as well as data showing a steep fall in U.S. crude inventories, sent oil up more than 1.6 percent to a new life high of $96.18 a barrel, which in turn drove spot gold to a 28-year peak near $800 an ounce.
Stock investors were further encouraged by upbeat U.S. data showing Asia's top export market grew at a surprisingly brisk 3.9 percent annual rate in the third quarter. [ID:nN31336431] At 0232 GMT, Tokyo's Nikkei average <.N225> had risen nearly 0.8 percent, while MSCI's measure of other Asia Pacific stocks <.MIAPJ0000PUS> advanced 0.7 percent.
The MSCI index hit a life high of 591.48, surpassing the previous peak of 582.22 set on Oct. 29, bringing total gains this year to nearly 50 percent.
Global stocks measured by the MSCI's key world equity index <.MIWD00000PUS> broke the overnight record high, climbing 0.2 percent to take this year's rise to 16 percent.
But further gains were seen limited after the Fed signalled that more rate reductions were unlikely if the economy held up.
"Though the Fed's rate cut is a sure positive to market sentiment, there is almost the same level of caution over the pace of rally. With most good news out of the bag, I see a good chance of a correction," said Lee Woo-hyun, a market analyst at Kyobo Securities in Seoul.
The Fed lowered the key overnight federal funds rate by a quarter-percentage point to 4.5 percent, as expected, following on from its 50 basis point cut in September, but said the risk of inflation was now about equal with downside risks to growth.
Government bond yields jumped on the back of those comments, with Japan's benchmark 10-year yield climbing 6.5 basis points to a two-week high of 1.665 percent.
RESOURCES, EXPORTERS UP Commodity stocks led gains in regional markets thanks to the rally in oil and gold. Gold producer Newcrest Mining rose 3.8 percent, oil and gas producer Woodside Petroleum added 1.3 percent and mining giant BHP Billiton put on 1.7 percent.
Asia's top refiner Sinopec <0386.HK>, which faces China's state-capped fuel prices, rallied 8 percent after Beijing unexpectedly lifted domestic gasoline and diesel prices by a tenth on Thursday, the first increase in 17 years.
[ID:nPEK184871] Japanese exporters were also in favour, driven by a weaker yen as well as hopes the rate cut will help spur U.S. consumers, which drives about two-thirds of the world's biggest economy.
Canon Inc <7751.T> added 3.7 percent and Sony <6758.T> climbed 3.2 percent.
DOLLAR, YEN SAG Investors sold the dollar on the back of the rate cut, which eroded the appeal of the currency for foreign investors, sending the greenback to a record low against the euro overnight.
The euro was sitting at $1.4462 by mid-morning in Asia, near the peak of $1.4504 and was trading just below 167 yen , not far off a 2-½ week high near 167.30 yen reached on Wednesday.
"FX markets seemed less convinced by the Fed's rhetoric and likely want to see further strong U.S. data before the trend weakness in the dollar can be reversed," currency strategists at Barclay Capital said in a note to clients.
But the dollar climbed against the yen, which was struggling in the face of stronger equity markets and after the Bank of Japan left interest rates unchanged on Wednesday and cut its growth and inflation forecasts. [ID:nT233150] The dollar rose to 115.40 yen , holding close to a two-week high of 115.50 yen set in New York trade.
In times of strong risk appetite, investors tend to sell low-yielding currencies like the yen to fund the purchases of riskier but better-yielding assets.
ASIA MARKETS
Asian markets rise on Fed's rate cut
By
V. Phani Kumar, MarketWatch
Last Update: 8:50 PM ET Oct 31, 2007
HONG KONG (MarketWatch) -- Asian markets advanced early Thursday after the U.S. Federal Reserve reduced a key interest rate by a quarter percentage point, with Japanese stocks lifted by exporters such as Canon Inc. and Toyota Motor Corp.
Resource stocks such as Australia's Woodside Petroleum and Japan's Inpex Holdings Inc. gained as crude oil set a record high of $95.80 a barrel in electronic trading, before slipping back to $95.40 a barrel, 87 cents higher than the previous close on the New York Mercantile Exchange. The front-month December futures contract closed at $94.53 a barrel in regular trading Wednesday, after rising as high as $95.28 during the session.
In Tokyo, the Nikkei 225 average rose 0.6% to 16,834.59 and the broader Topix index advanced 0.8% to 1,632.15.
Australia's S&P/ASX 200 climbed 0.8% to 6,806.60, New Zealand's NZX 50 index advanced 0.2% to 4,217.61 and South Korea's Kospi added 0.5% to 2,075.07.
In currency trading, the U.S. dollar was little changed at 115.45 yen, the Australian dollar gained 0.2% to 107.69 yen and the British pound added 0.1% to 240.09 yen.
Wednesday on Wall Street, stocks rallied on the Fed's rate move, with the Dow Jones Industrial Average
($INDU:
Dow Jones Industrial Average
Last: 13,930.01+137.54+1.00%
4:30pm 10/31/2007Delayed quote data
Sponsored by:
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$INDU 13,930.01, +137.54, +1.0%) ending up 137.5 points to 13,930. The S&P 500
($SPX:
S&P 500 Index
Last: 1,549.38+18.36+1.20%
5:00pm 10/31/2007Delayed quote data
Sponsored by:
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$SPX 1,549.38, +18.36, +1.2%) added 18.36 points to 1,549.38 and the Nasdaq Composite
($COMPX:
Nasdaq Composite Index
Last: 2,859.12+42.41+1.51%
5:16pm 10/31/2007Delayed quote data
Sponsored by:
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$COMPX 2,859.12, +42.41, +1.5%) climbed 42.41 points to 2,859.12.
See Market Snapshot. Earlier in the day, the Federal Open Market Committee, the Fed's rate-setting arm, cut the fed funds rate by 0.25% to 4.5%.
See The Fed. 
Varahabhotla Phani Kumar is a reporter in MarketWatch's Hong Kong bureau
Singapore's third-quarter jobless rate fell to a seasonally adjusted 1.7 per cent, a 10-year low, government data showed on Wednesday, providing new evidence that the economy powers ahead and the job market remains tight.
Singapore manufacturers have turned more positive on business prospects for the next six months, reflecting the outlook for the electronics and engineering industries, a survey showed on Wednesday.
After four years of robust above-trend growth, Singapore faces a rather 'more uncertain' outlook next year, says the Monetary Authority of Singapore (MAS), citing high oil prices and the chances of further bouts of financial volatility.
And as investors turn cautious amid lingering uncertainties over the US sub-prime crisis, Singapore's property, wealth advisory and capital markets - the activities that saw much euphoria and froth in growth this year - will likely slow down in 2008. But other domestic sectors should still see healthy growth, and the economy; overall, revert to its medium-term trend potential of 4-6 per cent, MAS says.
The buzz-word in the markets was forex. Offshore and marine plays tumbled yesterday as investors chewed on the news that rig-builder Labroy Marine could be sitting on large foreign exchange losses - just like SembCorp Marine before it.
Malaysian tycoon Quek Leng Chan has once again bested Singapore's DBS Bank, this time by gaining a 20 per cent stake in China's Cheng City Commercial Bank (Chengdu Bank). The contest was decided through competitive bidding.
Bank of China Ltd (BOC), the nation's third-largest bank, reported third-quarter profit growth that trailed rivals as losses related to US sub-prime mortgages dented earnings.
Hong Kong's Hang Seng Property Index jumped the most in nine years, led by Hang Lung Properties Ltd, on expectations the US Federal Reserve may further cut interest rates, helping push up property prices in the city.
SE Asia Stocks - mixed, awaiting Fed, banks push Bangkok
Southeast Asian stock markets were mixed on Wednesday as investors awaited a U.S. Federal Reserve interest rate decision, with late buying of banks after positive economic data reversing early falls in Bangkok.
The main Thai stock index <.SETI> inched up 0.07 percent after falling as much as 1.4 percent. Singapore's Straits Times Index <.STI> inched up 0.19 percent after an early drag by United Overseas Bank
.
Malaysian stocks <.KLSE> edged up 0.06 percent.
Indonesian stocks <.JKSE> fell 0.73 percent, the Philippine index <.PSI> was 0.65 percent lower while Vietnam's key <.VNI> index fell 0.44 percent, led by a 1.6 percent drop by broker Hai Phong Securities
.
Markets were cautious amid expectations of a 25 basis point cut of the benchmark federal funds rate later on Wednesday, Tisco Securities strategist Viwat Techapoonphol said in Bangkok.
"Fund flows were easing in the region," he said. "But if the rate cut came in line with expectations, we should expect many markets to rise tomorrow." In Singapore, shares in United Overseas Bank
closed unchanged at S$21.5 after trading as low as S$21.1 after two brokers lowered their price target for the stock following the bank's weaker than expected quarterly earnings.
"We recommend investors trim exposure to UOB in the short term," Goldman Sachs analyst Bok Chuan Tan said.
In Bangkok, index heavyweight energy stock PTT
, which hit a record 440 baht on Tuesday, fell 2.8 percent to 416 baht, following oil prices down.
Oil
fell more than $1 to near $89 a barrel on Wednesday, deepening a sharp retreat from this week's record high as Mexican oil output recovered and the market expected a rise in weekly U.S. crude stocks.
Banks rose after the Bank of Thailand's September economic data brightened the outlook of domestic consumption and bank earnings, dealers said. Number four Kasikornbank
rose 2.9 percent and Siam Commercial Bank
was up 6.2 percent.
Lower freight rates triggered selling of shipping firms in the region with dry bulk shipper Thoresen Thai Agencies
dropping 4.2 percent and Precious Shipping
down 4.7 percent after the Baltic dry index <.BADI> fell back.
South Korean shipping firm STX Pan Ocean
fell 8.9 percent on the Singapore bourse while shares of Seoul-listed STX Pan <028670.KS> fell 2.3 percent.
"The market is concerned that there may be further falls in the Baltic Index," a dealer at a Singapore brokerage said. "This will affect STX earnings." The London-based Baltic Exchange's dry sea freight index, which gauges the strength of major world trade routes for coal, iron ore, cement and soft commodities, hit a fresh high this month on strong demand for dry commodities.
Shares in PT Telekomunikasi Indonesia Tbk
, Indonesia's largest listed company, fell 5.3 percent on Wednesday following worse-than-expected third-quarter results.
Malaysian Airline System
rose 7 percent after the national carrier said it expected to achieve its 2007 profit target despite high oil prices.
Everyone is waiting for the Fed annoucement.
cautious singaporean market in such conditions. Let ua sll hope for the best tomolo
Closed flat. As expected.
Awaiting for Fed to give early x'mas present and we can start celebrating tomorrow.
| Name |
Prev |
Last |
+/- |
% |
High |
Low |
| All-S Equities Com |
1301.52 |
1295.07 |
-6.45 |
-0.5 |
1301.83 |
1285.30 |
| All-S Equities Cons |
645.79 |
644.17 |
-1.62 |
-0.2 |
652.27 |
642.59 |
| All-S Equities Fin |
2620.99 |
2630.75 |
+9.76 |
+0.4 |
2633.78 |
2598.55 |
| All-S Equities Hotels |
1490.72 |
1503.49 |
+12.77 |
+0.9 |
1503.49 |
1489.91 |
| All-S Equities Mfg |
1566.30 |
1567.49 |
+1.19 |
+0.1 |
1570.29 |
1557.71 |
| All-S Equities MultiI |
2905.48 |
2914.33 |
+8.85 |
+0.3 |
2928.60 |
2889.15 |
| All-S Equities Prop |
1553.65 |
1558.03 |
+4.38 |
+0.3 |
1565.45 |
1553.42 |
| All-S Equities TSC |
1914.84 |
1915.71 |
+0.87 |
+0.1 |
1928.16 |
1904.43 |
| All-SingEquities |
1041.67 |
1044.16 |
+2.49 |
+0.2 |
1045.90 |
1037.56 |
| BT-SRI |
1955.88 |
1974.36 |
+18.48 |
+0.9 |
1974.36 |
1953.25 |
| SingEquities Elect |
111.50 |
110.17 |
-1.33 |
-1.2 |
111.15 |
108.31 |
| SingEquities Foreign |
386.52 |
388.64 |
+2.12 |
+0.6 |
390.44 |
384.41 |
| SingEquities Mainbd |
196.24 |
196.79 |
+0.55 |
+0.3 |
196.99 |
195.73 |
| Straits Times Index |
3798.45 |
3805.70 |
+7.25 |
+0.2 |
3818.92 |
3779.45 |
| UOB Sesdaq |
232.96 |
234.57 |
+1.61 |
+0.7 |
235.56 |
232.18 |
GLOBAL MARKETS-Stocks, dollar subdued, Fed decision awaited
Asian stock markets were subdued on Wednesday while the dollar wallowed near a record low against the euro with investors reluctant to take big positions ahead of the U.S. Federal Reserve's decision on interest rates.
Caution ahead of the U.S. rate call also weighed on commodity prices, with oil extending its slide below $90 a barrel amid expectations of a recovery in Mexican oil exports and an increase in U.S. crude inventories. Gold briefly dipped below $780 an ounce.
Investors are betting the Fed will lower its 4.75 percent funds rate at 1815 GMT, following a 50 basis point cut in September, to limit the damage from the housing slump and tighter credit conditions.
"So the decision will be watched carefully, along with any comments, which will be scrutinised for clues to future movements," said Masayoshi Yano, senior manager of investment information at Tokai Tokyo Securities.
At 0211 GMT, Tokyo's Nikkei average <.N225> and MSCI's measure of other Asia Pacific stocks <.MIAPJ0000PUS> were both down about 0.1 percent.
The MSCI index hit a record high on Monday and has risen more than 45 percent this year -- triple the gains for MSCI's key world equity index <.MIWD00000PUS>.
Among major markets in the region, Hong Kong <.HSI> and Singapore <.STI> edged lower, while South Korea <.KS11>, Australia <.AXJO> and Taiwan <.TWII> were little changed.
RESOURCES DOWN Investors sold resource stocks after the fall in commodity prices. U.S. crude shed a further 54 cents to $89.84, extending Tuesday's $4 tumble from near a record high of $93.80 set on Monday.
"We're seeing people square off the positions in oil, gold and base metals ahead of the U.S. rate decision," said Savanth Sebastian, a market analyst at CommSec.
"We'll probably see resource stocks being at the forefront of the fall." Oil and gas producer Woodside Petroleum fell 2.5 percent, mining giant BHP Billiton lost 1.3 percent, Japanese oil developer INPEX Holdings <1605.T> dropped 3.9 percent and South Korea's zinc producer Korea Zinc <010130.KS> shed 3 percent.
Investors also sold some of the region's top exporters such as Canon Inc <7751.T> after data on Tuesday showed U.S. consumer confidence fell to a two-year low, fuelling worries about the health of the region's top export destination.
But firms with strong earnings or positive outlooks rose.
Panasonic maker Matsushita Electric Industrial <6752.T> and Taiwan's No. 2 LCD maker, Chi Mei Optoelectronics <3009.TW>, both climbed more than 3 percent.
DOLLAR SUBDUED The dollar hovered above a record low versus the yen and a basket of major currencies after reaching fresh lows overnight.
"Dealers are showing no hesitation in selling the dollar against the euro as they think the Fed is likely to go for more rate cuts even after the expected on today," said Tsutomu Soma, senior manager of foreign securities at Okasan Securities.
The dollar's trade-weighted index against six major currencies <.DXY> slipped to 76.765 after carving out a new trough of 76.719 in New York.
The euro was trading at $1.4433 , not far off a peak of $1.4442 hit on trading platform EBS, and was at 165.61 yen , near a 1-½ week high of about 165.90 set overnight.
The yen was likely to struggle with the Bank of Japan (BOJ) seen leaving interest rates unchanged at 0.5 percent due to lingering uncertainty over the outlook for global growth and market conditions.
Investors were also awaiting the BOJ's twice yearly outlook report on the economy and prices due after the one-day policy meeting on Wednesday at 0600 GMT, as well as a news conference by BOJ Governor Toshihiko Fukui expected at 0630 GMT for hints on when Japanese rates will rise.
There is mixed opinion that Fed may or may not cut rates. What is your take on the rate cut decision, and in what ways will it affect the market tomorrow (short term, med term and long term)?
STOCKS NEWS ASIA-Markets steady, await Fed rate call
HONG KONG, Oct 31 (Reuters) - Asian stocks were little changed on Wednesday with investors sidelined ahead of the Federal Reserve's decision on U.S. interest rates, due well after regional markets close at 1815 GMT.
The Fed is widely expected to lower its 4.75 percent funds rate, following a 50 basis point-cut in September, to limit the damage from the housing slump and tighter credit conditions.
"Given these economic worries, it'll be disappointing if the Fed does nothing to help," said Masayoshi Yano, senior manager of investment information at Tokai Tokyo Securities.
"So the decision will be watched carefully, along with any comments, which will be scrutinised for clues to future movements." By 0029 GMT, Tokyo's Nikkei average <.N225> had eased 0.2 percent, while MSCI's measure of other Asia Pacific stocks <.MIAPJ0000PUS> edged up 0.1 percent.
The MSCI index hit a record high on Monday and has climbed more than 45 percent this year -- triple the gains for MSCI's key world equity index <.MIWD00000PUS>.
Both South Korea's KOSPI <.KS11> and Australia's S&P/ASX 200 index <.AXJO> were barely changed.
Investors sold some of the region's top exporters such as Honda Motor <7267.T> and Canon Inc <7751.T> after data on Tuesday showed U.S. consumer confidence fell to a two-year low, fuelling worries about the health of the region's top export destination.
Resource stocks, including energy firms and the major miners, were also hurt, following a broad selloff in commodity prices led by oil, which slid below $90 a barrel on Tuesday after snapping a four-day rally to a record high of $93.80.
Oil and gas producer Woodside Petroleum fell 2.4 percent, mining giant BHP Billiton lost 1.6 percent, Japanese oil developer INPEX Holdings <1605.T> dropped 2.3 percent and South Korea's zinc producer Korea Zinc <010130.KS> shed 1.9 percent.
But Japan's biggest drugmaker, Takeda Pharmaceutical <4502.T>, rebounded 1.1 percent, steadying from Tuesday's 12 percent plunge sparked by news that U.S. authorities had recommended it stopped some trials of cholesterol-lowering TAK-475, one of its most promising drug candidates.
Data on Tuesday showed U.S. consumer confidence weakened for a third month in October to its lowest since the aftermath of Hurricane Katrina.
Adding to the gloom was a separate report showing U.S. home prices posted their biggest drop in 16 years during August as well as disappointing earnings from U.S. Steel Corp .
On Wall Street, the blue chip Dow <.DJI> fell 0.6 percent, while the tech-heavy Nasdaq Composite Index <.IXIC> ended flat.
