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Singapore shares ended the morning session sharply higher led by banks and Singapore-listed Chinese stocks following Beijing's decision to liberalize investments, with the Straits Times Index hitting a new record high during the session.
At midday, the STI was up 56.75 points or 1.5 percent at 3,762.98, after hitting a fresh all-time high of 3,774.79 points. The intra-day low was recorded at 3,734.94.
A total of 2.44 billion shares were traded valued at 2.05 billion Singapore dollars.
Gainers outnumbered losers 618 to 159, with 1,647 stocks unchanged. Banking stocks led the morning rally on hopes they will sustain the double-digit loan growth achieved in August, backed by the construction sector boom and strong home mortgages. DBS Group gained 40 cents or 1.9 percent to 22 Singapore dollars, United Overseas Bank added 40 cents or 1.8 percent higher to 22.50 dollars and Oversea-Chinese Banking Corp rose 10 cents or 1.1 percent to 9 dollars. DBS Research said it has an "overweight" rating on the banking sector on expectations that banks' third-quarter results "will seal back investor confidence over time" after the recent sell-down related to their exposure to collateralized debt obligations (CDO). CDOs are securities that are backed by a range of assets including bonds, loans and their derivatives.
Follow-through buying by institutional investors was evident following China's decision to allow its citizens to invest in other markets. Beijing has just approved Jiashi, a fund backed by Deutsche Asset Management, as the first fund under China's Qualified Domestic Institutional Investor (QDII) scheme to be allowed to invest in stocks other than Hong Kong H-shares and red chips, which bodes well for Singapore where more than 100 S-shares, or stocks of Chinese companies, are listed. "We believe this is the start of more liquidity inflows from QDII, and investors should position into quality 'S' chips," DBS Group Research retail strategist Kee Yan said in a note to clients.
Singapore investors are taking their cue from the sharp jump in Hong Kong's Hang Seng Index, which crossed 27,000 points for the first time on 27 September as investors welcomed Beijing's move to liberalize investments, said Fraser Securities research head Najeeb Jarhom. "We are just following in Hong Kong's footsteps," Jarhom said.
The Hang Seng is now expected to end the year at 28,000-30,000 points. It climbed 77.32 points, or 0.3 percent, to a record close of 27,142.47 Friday last week. The Hong Kong market is closed today for a public holiday. Among Singapore-listed Chinese stocks, shipbuilder Yangzijiang rose 41 cents or 18.4 percent to 2.64 dollars, petrochemical products maker Sinostar PEC Holdings Ltd gained 9.5 Singapore cents or 16.5 percent to 67 cents, China Aviation Oil, the dominant supplier of aviation fuel in Shanghai, jumped 29 cents or 11.4 percent to 2.83 dollars and China Energy gained 18 cents or 11.8 percent to 1.70 dollars.
Synear Food Holdings, a manufacturer of frozen food products in China, also added 19 cents or 9.2 percent to 2.26 dollars. Among other blue chips, Singapore's largest telecom firm Singapore Telecommunications added 4 Singapore cents or 1 percent to 4.06 dollars following a target price upgrade by CIMB-GK to 4.27 dollars from 4.05, with an "outperform" rating retained.
Bourse operator Singapore Exchange gained 50 Singapore cents or 3.9 percent to 13.40 dollars after reports it is in discussions with the Tokyo Stock Exchange (TSE) for future collaboration. TSE however said it has no immediate plan to raise its stake in SGX from the current 5 percent. On Wednesday last week, speculation over potential merger and acquisition (M&A) activity pushed SGX's share price to a record high of 13.90 Singapore dollars.
Offshore and marine-related stocks remained investor favorites on expectations of sustained demand for vessels and oil exploration rig and production platforms amid soaring oil prices. SembCorp Marine added 18 cents or 3.9 percent to 4.78 and Cosco Corp added 80 cents or 13.4 percent to 6.75 dollars.
SINGAPORE, Oct 1 (Reuters) - Shares of China-based companies like Cosco Corp
Cosco rose as much as 15.1 percent to a record high of S$6.85 with 9 million shares traded. Yangzijiang surged as much as 22.9 percent to an all-time high of S$2.74 with 26.6 million changing hands.
Shipbuilder Cosco has a market capital of $8.9 billion while Yangzijiang has a market capital of $4.9 billion.
Shares of other China plays such as fertiliser maker China XLX Fertiliser
Merrill Lynch said in a client note that it expects Singapore-listed Chinese companies -- because of their cheaper valuations -- to be in play when China launches more funds under its Qualified Domestic Institutional Investor scheme in the next few weeks.
The first global stock fund launched by China Asset Management Co was more than two times subscribed when it launched last week. It drew over 62 billion yuan ($8.25 billion) in demand, the Shanghai Securities News said on Friday
While the performance of the STI this week will likely mirror that of Wall Street and that of major Asian bourses, China plays may continue to grab centre stage as there are likely to be further speculations about how much approved Chinese funds may be allowed to be invested overseas under its Qualified Domestic Institutional Investor (QDII) scheme. On the macro news front, September PMI expected to be out on 2th October (Tuesday). The consensus view is for the PMI to register a modest rise of 0.3 pt to 52.0 last month on the back of improved orders and production as we head into peak production months of the year.
Expect massive profit taking until close to the end of the day, where BBs may come back into action to close the quarter on a positive note.
I'm expecting STI to fluctuate between 3680 - 3700 for the rest of the day.
Be very careful with any trades you do now. There will be a lot of conflicting trade decisions today which makes for a lot more volatility.
Just take a look at some of the top gainers/losers.
Today is last day of the quarter, we might see some profit taking.
Many companies in Asia ex China are fundamentally very good, the only danger comes from US markets, we might be dragged down if US kenas again. the yankees are surviving purely on the rate cut jabs.
Their economy is in a mess and if Dow rallies past 14,000, we should be more cautious.
China is another bubble that if burst might pose problems for our region.
STI has overtaken the previous high, it is now 3714.77, DOW is reaching 14,000 mark soon. Do you see opportunities or danger? Trade with care, it is better to SELL INTO STRENGTH than to buy.
Investment Rule No. 1. BE DISCIPLINE.
Rule No. 2. Be Discipline.
Rule No. 3. Follow Rule No. 1 and No. 2. Be Discipline.
This is my opinion only. What's your point of views?
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Singapore shares are likely to open higher Friday, taking their lead from Wall Street's gains overnight on hopes that the Federal Reserve will further lower US interest rates following the release of weak home sales data. End-of-the-quarter window dressing by fund managers should also support the market, although gains could be capped after the index's recent sharp rise. DBS Vickers Securities retail strategist Yeo Kee Yan said while concern over the US subprime credit crisis is easing, the market remains vulnerable to negative news from the US and Europe as well as to a potential correction in the Chinese stock market.
Yesterday, the Straits Times Index added 64.68 points or 1.8 percent to close at record high of 3,714.77, off an all-time intra-day high of 3,723.32.
Gainers beat losers 535 to 282, with 259 shares unchanged.
There were 2.95 billion shares traded worth 3.14 billion Singapore dollars.
Among the stocks likely to be in focus today are Keppel Corp, which may be active after saying a unit has won a 1.5 billion Singapore dollar contract to build and operate a wastewater treatment facility in Qatar. Singapore Petroleum Co (SPC) may rise on news that it has bought an interest in the Bohai Bay oil field in China for 223 million US dollars. SPC said its share of Bohai production will be 4,300 barrels of oil per day, which would bring the group's total output to over 11,000 barrels per day.
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Singapore shares are expected to open lower Wednesday as investors continue to grab profits after Wall Street's mixed performance overnight as investors grappled with concerns over softening US consumer confidence.
The US Conference Board said its consumer confidence index for September fell to its lowest level in almost two years and the National Association of Realtors reported sales of existing homes fell for a sixth straight month in August to the lowest point in five years.
Despite the prospect of a slowing US economy, some investors may still want to place their funds in growth regions, particularly Asia.
"For funds who are cash rich, they are looking to put money back into the markets and you and I will agree that Asia is the growth area," DMG & Partners dealing director Gabriel Yap said.
On Tuesday, the Straits Times Index closed down 14.20 points or 0.4 percent at 3,624.82.
Gainers narrowly beat losers 378 to 374, with 950 shares unchanged.
There were 2.3 billion shares traded worth 2.2 billion Singapore dollars.
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Singapore shares were sharply higher in early trading Wednesday after the Federal Reserve decided to cut its key federal funds rate by a bigger-than-expected 50 basis points in a move seen calming credit markets.
The Dow Jones Industrial Average surged over 335 points on Tuesday, its biggest one-day point jump in nearly five years, after the Fed slashed its benchmark interest rate by a half percentage point to 4.75 percent after keeping it unchanged for more than a year. It was the first rate reduction since 2003.
At 9.55 am, the Straits Times Index was up 93.29 points or 2.7 percent at 3,571.04, off a high of 3,601.65. Gainers beat losers 566 to 82, with 112 shares unchanged.
There were 831 million shares traded worth 1.2 billion Singapore dollars.
The aggressive rate cut by the Fed has helped assure investors that the US may avoid a recession, Citigroup economist Chua Hak Bin said.
"Lower rates should help ease the burden on US corporates and consumers. They are being hurt by strains in the credit market," Chua said. Citigroup expects the Fed to cut rates by another 25 basis points later this year.
Lower interest rates in the US will be positive for Asian economies, particularly Singapore and Hong Kong, he said.
While rising oil prices are a concern, Chua said it has had limited impact on Asian economies, possibly because many countries in Asia are benefiting from increased demand for capital equipment in the oil and gas exploration industry.
For instance, shipyards in Singapore have been getting increased orders for oil exploration rigs and production platforms, while shipbuilders in South Korea have seen more orders for oil tankers.
Among Singapore shipyards, Cosco Singapore was up 10 cents at 5.35 dollars, Keppel Corp rose 50 cents to 13.90 dollars, SembCorp Marine added 8 cents at 4.48 dollars and Labroy Marine edged up 4 cents to 2.28 dollars.
Banking shares also advanced, with DBS Group up 30 cents at 19.60 dollars, Oversea-Chinese Banking Corp 25 cents higher at 8.85 dollars and United Overseas Bank up 60 cents at 21.10 dollars.
Among property stocks, Wing Tai was up 12 cents at 3.58 dollars, Keppel Land was up 25 cents at 8.30 dollars, City Developments gained 60 cents at 15.80 dollars and CapitaLand rose 25 cents to 8.20 dollars.
Singapore Telecommunications led blue chips higher, rising 14 cents to 3.96 dollars, after touching an all-time high of 4.00 dollars earlier.
wah, the caculation for interest so complex, i catch no ball.
CPF move would not hit capital market. Under the proposals first outlined by Prime Minister Lee Hsien Loong at the National Day Rally last month, CPF members would be paid an additional one percentage point interest on the first $60,000 in their accounts, which would go towards boosting their retirement savings. The $60,000 may comprise up to $20,000 from the Ordinary Account (OA) and the rest from the Special, Medisave and Retirement Accounts (SMRA). While all the OA monies can still be used for existing housing, CPF insurance and education plans, Dr Ng yesterday said the first $20,000 in both the OA and Special Account can no longer be used in the CPFIS. The extra interest aims to provide a risk-free nest- egg for Singaporeans who are living longer. The restrictions will kick in from April 1 next year and money already invested in CPFIS will not be affected. But some have speculated on the impact of this move on the capital market. 'Even after these restrictions, $42 billion will still be available for use in the CPFIS,' Dr Ng told Parliament yesterday. According to CPF figures in June, about $81 billion was available for the CPFIS.
Singapore's non-oil exports rose more than expected in August, climbing a seasonally-adjusted 2.1 per cent from July, data showed on Monday. August's rise compared with market expectations for a 0.8 per cent gain, and followed a 0.5 per cent increase in July. Non-oil exports in August rose 10.9 per cent from a year earlier to $15.2 billion, trade agency International Enterprise Singapore said in a statement. That compared with a 5.4 per cent rise in July, and with a median forecast in a Reuters poll for annual increase of 7.7 per cent. Economists had expected August exports to be boosted by higher drug output, although the key electronics production was expected to remain weak. Electronics account for about 40 per cent of Singapore's non-oil exports, while pharmaceuticals make up about 10 per cent of overseas sales. August's electronics shipments fell by 1.3 per cent from a year ago while drugs exports surged 105.8 per cent in the same period. Petrochemicals climbed 3.1 per cent.
Singapore's Finance Ministry announced that a revised agreement to avoid double taxation between Singapore and China will enter into force Tuesday after ratification by both countries. The revised treaty was signed July 11 by Chinese Vice Premier Wu Yi and Singapore's Commissioner of Inland Revenue Moses Lee. The ratification process for the treaty has been completed. With the ratification, the provisions of the treaty shall have effect on income derived on or after January next year. Under the revised agreement, the withholding tax rate on dividends will be reduced from 7% for corporate shareholders holding at least 25% of the share capital and 12% for other shareholders to 5% and 10% respectively.
Will STI continues to perform well after the US Fed Reserve cuts its interest rates at the policy meeting this coming Tuesday?
Investors hope a rate cut by the US central bank will stave off a sharp slowdown in the world's biggest economy where the sub-prime mortgage crisis has triggered worries in the economic and global growth.
But with all this cuts, will the rebound sustain as investors is reacting to panic and fear. With Central Banks and Feds reacting very swiftly to support the financial markets, anticipations of Fed cutting rate in an emergency meeting this coming Tuesday's policy meeting are reported in the newspapers. Interest rate cut may not solve the problem, it merely slowed down the problem and worse of all, lower interest rate might lead to another new problem. Central banks has injected extra cash into bankings systems to sooth fears.
Amount of money injected so far:
European central bank : 98.4billion (S$198 b)
US Fed reserve : US$24 billion (S$37 b)
Bank of Japan : 1 Trillion yen (S$13 b)
Reserve bank of Australia: A$4.95 billion (S$6 b)
MAS ready to inject funds but sees no need yet.
Yah... I also wonder how the STI change will impact us. What is going to happen to the STI ETF ?
STI undergoing re-structuring 1st Oct.
How will this impact the index?
Is there any precaution that I should take into account when looking at the STI chart?
Please advise. Thanks.
DJ MARKET TALK: STI +0.6%; 3550 Cap; Oil & Gas, Ppty Shares Gain
0125 GMT [Dow Jones] Gains in oil & gas and property stocks offsetting mixed performance by banks, boosting STI 0.6% at 3527.22. But upside possibly limited as investors may opt to take profit later amid lack of leads. STI's resistance tipped at 3550. "The market will likely be quiet from now till next week, when the Fed meets. It may be a case of pure situational plays," says foreign brokerage dealer; "look to accumulate cash. Sell into strength." Broad market volume thin. Keppel Corp. (BN4.SG) +1.5% at S$13.50, Cosco (F83.SG) +1.9% at S$5.45, SembMarine (S51.SG) +1.3% at S$4.60 as high oil prices raising hopes of sustained strong demand for rigs. (FKH)
QUOTES:
Singapore shares are expected to open higher Friday following gains on Wall Street amid hopes that the Federal Reserve will cut its key rate next Tuesday. The Dow Jones Industrial Average rose by more than 130 points on positive news from General Motors and McDonald's. News that mortgage lender Countrywide Financial Corp secured new financing also provided support, signaling that the subprime credit crisis in the US may not be as bad as initially thought.
On Thursday, the Straits Times Index closed down 1.69 points at 3,504.40.
Losers beat gainers 426 to 370, with 857 shares unchanged.
There were 2.4 billion shares traded worth 2.0 billion Singapore dollars. Investor sentiment remains positive despite current high oil prices, with Nymex light sweet crude oil for October delivery still trading near 80 US dollars per barrel.
"On the whole, I'm quite bullish and believe the Straits Times Index can pass 3,550 points," Fraser Securities research head Najeeb Jarhom said.
Credit Suisse is keeping its "overweight" rating for the main index. "Our analysis suggests that the risk-reward ratio remains somewhat favorable as long as there are no major negative earnings surprises," it said in a note Thursday.
STI cheong arhhh!!!! Dow up 133 points last night!!
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Singapore share prices closed little changed on Thursday amid continued worries over the United States economy after Wall Street's lacklustre performance overnight, dealers said.
They said given the ongoing worries about the US economy, investors are waiting for the Federal Reserve's policy meeting next week to see if the central bank will cut existing interest rates.
The Straits Times Index fell 1.69 points to 3,504.40. Volume traded totalled 2.36 billion shares worth $1.98 billion (US$1.30 billion) and there were 355 rising issues, 420 losers and 829 issues were even.
Investors hope a rate cut by the US central bank will stave off a sharp slowdown in the world's biggest economy where the sub-prime mortgage crisis has triggered worries economic growth will be affected, dealers said.
But Daiwa Institute of Research analyst Ang Soo Kee was doubtful if a rate cut will help.
'I am not sure whether the cut in rates will help the US economy given the mortgage defaults,' he said.
Among the blue chips, Singapore Airlines gained 10 cents to $19, Singapore Telecommunications was two cents up at $3.68 and Neptune Orient Lines was off 30 cents at $5.20.
For the banks, DBS Group slipped 40 cents to $19.60, United Overseas Bank was steady at $21.60 and Oversea-Chinese Banking Corp dropped five cents to $8.75.
Singapore shares are expected to open higher Wednesday after Wall Street closed higher overnight