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STI to cross 3000 boosted by long-term investors
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ticklish8
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07-May-2009 13:18
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HONG KONG, May 7 (Reuters) - Hong Kong shares rose 0.79 percent at midday on Thursday to a seven-month high, gaining ground for a sixth consecutive session after strong U.S. economic news and optimism about the nation’s bank stress-test results fuelled a sharp rally overnight on Wall Street. China Construction Bank (CCB) soared as much as 7.4 percent to a seven-month high on hopes that China’s main sovereign investment fund would take up a substantial portion of an expected sale of shares owned by Bank of America. The benchmark Hang Seng Index was up 132.47 points at 16,967.04 by midday. Turnover rose to HK$56.2 billion from midday Wednesday’s HK$43.3 billion. But some analysts expressed wariness over the market’s swift rally and questioned its sustainability. “There are wishful hopes among some investors that the economy may recover soon,” said Peter Lai, a director with DBS Vickers. “The stock market has been overbought and all indicators are showing that a correction will happen soon. Investors will take any excuse to take profits.” In a sign that the stock market may be poised to fall, the relative strength index on Thursday reached 78. A level above 70 represents an overbought market, while a reading below 30 signals an oversold market. “I don’t see any fundamentals supporting the Hang Seng Index at this level,” said Andrew To, sales director, Tai Fook Securities. “From the second half of May till late June, I expect some sort of major pullback. It’s time to get out of the market now. I’m not advising any of my clients to buy.” CCB shares rose as high as HK$5.10 during morning trading on hopes that China Investment Corporation may be willing to buy some of the shares that Bank of America is expected to sell in CCB, according to analysts quoted in a report by Hong Kong-based newspaper Ta Kung Pao. Shares of CCB had fallen in the previous two sessions on expectations of a selldown in CCB H-shares owned by Bank of America as the lock-in on the American lender’s 13.5 billion shares expires on Thursday. “Market sentiment has improved substantially since then and the news that some of China’s national corporations will take up a major portion of the share placement will lighten pressure on the stock,” said To. ALIBABA RISES, SINOPEC DOWN The China Enterprises Index of top mainland companies was down 0.05 percent at 9,744.90. Sinopec Corp, Asia’s top oil refiner, was down 3.6 percent at HK$6.21 after oil prices extended gains towards $57 per barrel. China’s top e-commerce company Alibaba rallied by as much as 6 percent in early trade after first-quarter results on Wednesday showed record customer base growth. Standard Chartered was up 6.4 percent at a six-month high of HK$150, extending gains from Wednesday’s session, after the bank reported a record first-quarter profit, reaping the benefits of a focus on Asia and a resilient loan book. Stanchart’s stellar performance helped another British bank, HSBC Holdings, shrug off news about U.S. bank stress tests results to advance 3.5 percent. |
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ticklish8
Senior |
07-May-2009 13:12
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Market report May 7 (Bloomberg) – The Straits Times Index added 4.89 points, or 0.2 percent, to 2,183.92 at the 12:30 p.m. local time break, adding to its five-day, 21 percent advance. Three stocks rose for every two that dropped on the gauge’s 30 members. The following companies were among the most active in the stock market today. Stock symbols are in parentheses after company names. Golden Agri-Resources Ltd. (GGR SP), the world’s second- biggest palm oil producer and the best performing member of the index this year, lost 2.1 percent to 47 Singapore cents. Crude palm oil for July delivery slipped 0.6 percent in Kuala Lumpur today. Hongkong Land Holdings Ltd. (HKL SP), one of the biggest landlords in Hong Kong’s central business district, added 2.6 percent to $2.77. The company said commercial rental income and profits on pre-sold residential properties should ensure “satisfactory results” this year even as commercial property leasing markets in Hong Kong and Singapore have slowed and demand for residential properties remains soft. Informatics Education Ltd. (INFO SP), the Singapore-based operator of computer and commercial training schools partly owned by Malaysia’s Berjaya Corp Bhd., soared 20 percent to 3 Singapore cents. The company said it will write back S$3.7 million of the S$4.2 million provisions in July. The provisions were made for a disputed supply contract, which has been settled. Oversea-Chinese Banking Corp. (OCBC SP), the smallest of the three Singapore banks, jumped 2.2 percent to S$6.95. CIMB-GK Research raised its share-price target to S$7.08 from S$6.92 and maintained its “neutral” rating on the stock. Kim Eng Holdings Ltd. raised its share-price target to S$7.50 from S$4.70 and maintained its “neutral” rating. STX Pan Ocean Co. Ltd. (STX SP), South Korea’s biggest bulk carrier, gained 2.1 percent to S$14.50. The Baltic Dry Index, which measures the cost of shipping commodities, rose 8.9 percent in London yesterday, its fourth decline of increased. United Overseas Bank Ltd. (UOB SP), the city’s second- biggest bank, added 0.8 percent to S$14.60. Credit Suisse Group AG upgraded its rating to “outperform” from “neutral” after the company reported better-than-expected first-quarter earnings. JPMorgan Chase & Co. upgraded its rating to “overweight” from “neutral” and share-price target raised to S$17 from S$13 at JPMorgan Chase & Co. For Related News and Information: Global stock stories: TOP STK GO For most read Asian stories: MNI ASIA GO World equity index monitor: WEI GO World equity valuations: WPE GO –Editor: Sam Waite To contact the reporter on this story: Jonathan Burgos in Singapore at +65-6212-1156 or jburgos4@bloomberg.net. To contact the editor responsible for this story: Darren Boey at +852-2977-6646 or dboey@bloomberg.n |
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DnApeh
Master |
07-May-2009 12:52
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same story
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Kassanne
Member |
07-May-2009 12:43
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Any other good or bad news coming out? Shanghai and Shenzhen and Taiex down. Will these lead to a pull back for STI? | ||||
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Kassanne
Member |
07-May-2009 12:37
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Banks getting hit today but property stocks up. Wonder why? |
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des_khor
Supreme |
07-May-2009 12:02
Yells: "Tell me who is the God or MFT from this forum??" |
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just came out from toilet all change colors !! | ||||
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ticklish8
Senior |
07-May-2009 11:59
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hehehehehe I also itchy cannot tahan..... lucky never go in...I think the risk/ reward probability is geared towards the downside | ||||
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des_khor
Supreme |
07-May-2009 11:54
Yells: "Tell me who is the God or MFT from this forum??" |
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out 1.58 again..... will buy back next week as rise too fast le...
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des_khor
Supreme |
07-May-2009 11:51
Yells: "Tell me who is the God or MFT from this forum??" |
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hehe... I bought back @1.56 just now...
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ticklish8
Senior |
07-May-2009 11:51
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btw for American Idol fan For the second year in a row, it's down to just the boys on "American Idol." After 64 million votes were cast following Tuesday's rock night, 17-year-old, flame-haired blues belter Allison Iraheta drew the short straw Wednesday night (May 6) and was sent home. That means that "Idol" will be visiting the hometowns of Danny Gokey (Milwaukee), Adam Lambert (San Diego) and Kris Allen (Conway, Arkansas) later this week as season eight steams to its May 20 conclusion. |
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ticklish8
Senior |
07-May-2009 11:48
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Heh tot u want to wait for $4 for NOL?
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des_khor
Supreme |
07-May-2009 11:39
Yells: "Tell me who is the God or MFT from this forum??" |
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i sold all my holdind..... banyan tree 0.47.... nol 1.59.... parkway 1.37....uic 1.29..... | ||||
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cathylmg
Elite |
07-May-2009 11:36
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Those who bought just 1 hour ago will be so disappointed. Heng I hesitanted. | ||||
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temp123
Senior |
07-May-2009 11:36
Yells: "." |
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http://finance.yahoo.com/q/ta?s=%5ESTI&t=my&l=off&z=l&q=c&p=e200&a=vm&c= | ||||
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des_khor
Supreme |
07-May-2009 11:28
Yells: "Tell me who is the God or MFT from this forum??" |
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this time i guess true profit taking on the way..... | ||||
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ticklish8
Senior |
07-May-2009 10:03
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So many people on Poem, UOBkayhian, the system kena virus..... damn slow... | ||||
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ticklish8
Senior |
07-May-2009 09:59
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STI on steroid..... the more people say it is unsustainable, the more it rally.... | ||||
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ozone2002
Supreme |
07-May-2009 09:21
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Remember that when the big funds come in large quantities..it difficult for them to dispose of their holdings in one shot..they have to slowly release .. retailers we can go in and out very quickly..that's the only advantage.. so if u are fearless.. go in big.. whack, use leverage, take risks..u'll be rewarded |
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mkrji2002y
Member |
07-May-2009 00:29
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There are further signs that deterioration in the major world economies has slowed down or stabilised. It is a sign of bottoming or a bottom has been reached. It is a start of a new wave one.
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Andrew
Master |
06-May-2009 23:59
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same thought here look more and more like a W......and Doom day MFT say will last until July..... At least that has been right since March. So let enjoy the V in W.......heeeee
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