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LIM & TAN ON STOCK MARKET
On average, the past 3 years has seen the S& P 500 index fall an average of 14-15% till Oct, but so far
the index has only fallen 5% from its Aug?13 high....
While Singapore?s STI index?s 13% decline has almost matched its average decline of about 14% in the past 3 years, we note that investor sentiments in the local market have turned speculative in recent times with SGX having queried Rowsley and Informatics as their share prices were chased up on higher than normal volumes.
Speculators have also been lapping up on obscure names such as Albedo, China Environment, Tritech and CNA.
This is despite key insider selling shares in these companies.
This is what famous investor Jeremy Grantham has termed ?dash for thrash?.
We are thus turning cautious on the Singapore market, notwithstanding that the index having already declined 13% from its Aug?13 peak.
On average, the past 3 years has seen the S& P 500 index fall an average of 14-15% till Oct, but so far
the index has only fallen 5% from its Aug?13 high....
While Singapore?s STI index?s 13% decline has almost matched its average decline of about 14% in the past 3 years, we note that investor sentiments in the local market have turned speculative in recent times with SGX having queried Rowsley and Informatics as their share prices were chased up on higher than normal volumes.
Speculators have also been lapping up on obscure names such as Albedo, China Environment, Tritech and CNA.
This is despite key insider selling shares in these companies.
This is what famous investor Jeremy Grantham has termed ?dash for thrash?.
We are thus turning cautious on the Singapore market, notwithstanding that the index having already declined 13% from its Aug?13 peak.
Emerging market equities and currencies could this week extend the respite from late last week. Breathers and even technical rebounds were, as we had written, likely. But the broader downtrend is unlikely to be over just yet.
Global equities saw considerable selling pressure last week in the face of the ongoing Emerging Markets (EM) turmoil and heightened geopolitical tensions surrounding Syria . EM currencies and equities generally continued to trend south but markets with strong foreign reserves and current account surpluses were more resilient.
North Asia markets such as Taiwan and South Korea were less volatile and we expect medium-term relative outperformance for these markets. In India and Indonesia ? the two worst affected Asian economies - government policy responses are unlikely to effectively address the fundamental problem of a domestic savings shortfall amid rapid outflows of funds.
WHAT TO LOOK OUT FOR IN THE MARKETS: UOB
Asian Markets
? In Asia today, Aug HSBC Services PMIs for China, Hong Kong and India will be announced. China?s Services PMI (Jul: 51.3) will be due at 9.45 am and could mirror the slight dip in the Aug official non-manufacturing PMI to 53.9 in Aug from 54.1 in Jul.
...
? Singapore?s 3Q MAS Survey of Professional Forecasters could be released later today.
? AXJ currencies were broadly lower against USD on Tue even as KRW continued to outperform on the back of stronger data. In data released this morning, South Korea?s FX reserves rose to a fresh record high at the end of Aug, up US$1.38 bn from Jul to US$331.09 bn.
Asian Markets
? In Asia today, Aug HSBC Services PMIs for China, Hong Kong and India will be announced. China?s Services PMI (Jul: 51.3) will be due at 9.45 am and could mirror the slight dip in the Aug official non-manufacturing PMI to 53.9 in Aug from 54.1 in Jul.
...
? Singapore?s 3Q MAS Survey of Professional Forecasters could be released later today.
? AXJ currencies were broadly lower against USD on Tue even as KRW continued to outperform on the back of stronger data. In data released this morning, South Korea?s FX reserves rose to a fresh record high at the end of Aug, up US$1.38 bn from Jul to US$331.09 bn.
Indonesia's rupiah weakened past the psychologically important level of 11,000 per US dollar yesterday, for the first time in more than four years, as the market fretted after the government reported a record monthly trade deficit.
The rupiah's indicative prices lost 0.7 per cent to 11,050 per US dollar, its weakest since April 2009.
Monday's announcement that Indonesia's trade deficit in July soared to US$2.31 billion, nearly triple the June level, was the latest in a series of blows to the currency, which has shed nearly 13 per cent against the US dollar this year.
The July deficit makes some analysts and traders worry that Indonesia's current account deficit, which widened sharply in the second quarter, could get bigger this quarter, even though the central bank expects it to narrow.
The rupiah's indicative prices lost 0.7 per cent to 11,050 per US dollar, its weakest since April 2009.
Monday's announcement that Indonesia's trade deficit in July soared to US$2.31 billion, nearly triple the June level, was the latest in a series of blows to the currency, which has shed nearly 13 per cent against the US dollar this year.
The July deficit makes some analysts and traders worry that Indonesia's current account deficit, which widened sharply in the second quarter, could get bigger this quarter, even though the central bank expects it to narrow.
SINGAPORE DAYBOOK: CH Offshore, China XLX Fertiliser, COE
CH Offshore Ltd. (CHO SP) enters two bareboat charters for 3 years each charterer has option to buy each vessel at expiry of charter period, according to exchange... filing.
WHAT TO WATCH:
* China XLX Fertiliser (CXLX SP) says entered commissioning phase of 4th production plant expected to start trial output in Sept. 2013
* SBI Offshore (SBIO SP) says Seet Chong Jeng resigns as CFO
* Global Logistic (GLP SP) unit GLP J-REIT plans to raise as much as 23b yen in an additional share sale in Tokyo to acquire properties and to repay debt
* Rowsley Ltd. (ROWS SP) says co. had announced proposal to buy entire stake in RSP Architects, which may explain increase in shrs
* AVIC International Maritime (AVIC SP) names Zhang Yiqiong as vice president
MARKETS:
* S& P 500 up 0.4% to 1,639.77
* Stoxx Europe 600 down to 301.78
* MSCI Asia Pacific up 1.2% to 132.57
* Straits Times Index little changed at 3,054.78
ECONOMY:
* Singapore to release auction results for car-ownership licenses known as certificate of entitlement, or COE
BTV:
* 07:10am: Huntington Asset Sr Portfolio Manager Peter Sorrentino
* 07:40am: Delta Group Founder/Honorary Chairman Bruce Cheng
* 08:10am: British Virgin Islands Premier Dr. D. Orlando Smith
* 08:40am: Newspoll CEO Martin O?Shannessy
* 09:10am: OCBC Bank VP of Wealth Management Vasu Menon
* 09:40am: Moody?s Analytics Economist Matthew Circosta
* 10:10am: Macquarie Analyst Daniel Kim
* 10:40am: StanChart Global Head FX Strategy Callum Henderson
* 11:10am: JP Morgan Australia Chief Economist Stephen Walters
CH Offshore Ltd. (CHO SP) enters two bareboat charters for 3 years each charterer has option to buy each vessel at expiry of charter period, according to exchange... filing.
WHAT TO WATCH:
* China XLX Fertiliser (CXLX SP) says entered commissioning phase of 4th production plant expected to start trial output in Sept. 2013
* SBI Offshore (SBIO SP) says Seet Chong Jeng resigns as CFO
* Global Logistic (GLP SP) unit GLP J-REIT plans to raise as much as 23b yen in an additional share sale in Tokyo to acquire properties and to repay debt
* Rowsley Ltd. (ROWS SP) says co. had announced proposal to buy entire stake in RSP Architects, which may explain increase in shrs
* AVIC International Maritime (AVIC SP) names Zhang Yiqiong as vice president
MARKETS:
* S& P 500 up 0.4% to 1,639.77
* Stoxx Europe 600 down to 301.78
* MSCI Asia Pacific up 1.2% to 132.57
* Straits Times Index little changed at 3,054.78
ECONOMY:
* Singapore to release auction results for car-ownership licenses known as certificate of entitlement, or COE
BTV:
* 07:10am: Huntington Asset Sr Portfolio Manager Peter Sorrentino
* 07:40am: Delta Group Founder/Honorary Chairman Bruce Cheng
* 08:10am: British Virgin Islands Premier Dr. D. Orlando Smith
* 08:40am: Newspoll CEO Martin O?Shannessy
* 09:10am: OCBC Bank VP of Wealth Management Vasu Menon
* 09:40am: Moody?s Analytics Economist Matthew Circosta
* 10:10am: Macquarie Analyst Daniel Kim
* 10:40am: StanChart Global Head FX Strategy Callum Henderson
* 11:10am: JP Morgan Australia Chief Economist Stephen Walters
Market Recap
US equities climbed slightly on Tuesday following positive data on global manufacturing and as President Obama gained support for a military strike against Syria.
Eight of the 10 sectors of the S& P 500 Index advanced, with the leader being Financials (+0.91%) and the laggard being Telecommunications (-1.84%)....
WTI Crude for Oct gained US$0.89, or 0.8%, to end at US$108.54/barrel while Oct Brent rose US$1.35, or 1.2%, to settle at US$115.68/barrel.
Gold for Dec advanced US$15.90, or 1.1%, to end at US$1,412.00/ounce and Dec Silver contract rose 92 cents, or 3.9%, to end at US$24.43/ounce.
Implications for Singapore
The poor Nikkei start (down 0.9%) is likely to weigh on local sentiments this morning.
Meanwhile, the STI has started to show signs of slowing its ascent after pushing near to the 3070 key support-turned-resistance intraday, it gave up the entire initial gains to end flat yesterday.
And with today?s tone likely to turn a tad more downside biased, we could see the index drifting lower back in the direction of the 3000 key support.
Beyond that, the subsequent base is pegged at the 2930 key trough. On the upside, we see the next hurdle at the 3130 minor support-turned-resistance.
US equities climbed slightly on Tuesday following positive data on global manufacturing and as President Obama gained support for a military strike against Syria.
Eight of the 10 sectors of the S& P 500 Index advanced, with the leader being Financials (+0.91%) and the laggard being Telecommunications (-1.84%)....
WTI Crude for Oct gained US$0.89, or 0.8%, to end at US$108.54/barrel while Oct Brent rose US$1.35, or 1.2%, to settle at US$115.68/barrel.
Gold for Dec advanced US$15.90, or 1.1%, to end at US$1,412.00/ounce and Dec Silver contract rose 92 cents, or 3.9%, to end at US$24.43/ounce.
Implications for Singapore
The poor Nikkei start (down 0.9%) is likely to weigh on local sentiments this morning.
Meanwhile, the STI has started to show signs of slowing its ascent after pushing near to the 3070 key support-turned-resistance intraday, it gave up the entire initial gains to end flat yesterday.
And with today?s tone likely to turn a tad more downside biased, we could see the index drifting lower back in the direction of the 3000 key support.
Beyond that, the subsequent base is pegged at the 2930 key trough. On the upside, we see the next hurdle at the 3130 minor support-turned-resistance.
US stocks had opened higher on stronger than forecast growth in manufacturing and construction spending but cooled in the later session after top Reublicans voiced support for US action in Syria. Crude oil neared a two-year high and gold advanced, while 10-year Tresaury yields added 6 bps to 2.85%. Immediate resistance for STI remains at 3,065 with downside support at 2,990.
Ossia..... watch this baby.... looking for new high....
U.S. public opposes Syria intervention as Obama presses Congress Reuters - 1 hour 21 minutes ago
All three indexes ended the trading day higher, but pulled back from earlier highs when leaders in the House of Representatives said they would support President Obama's plan for a U.S.-led strike on Syria.
By Andy Sullivan WASHINGTON (Reuters) - President Barack Obama has failed so far to convince most Americans that the U.S. should launch a limited military ? More »
Worries over potential U.S. action in Syria chilled investor enthusiasm Tuesday and overshadowed optimism surrounding the announcement of two mega-mergers.
All three indexes ended the trading day higher, but pulled back from earlier highs when leaders in the House of Representatives said they would support President Obama's plan for a U.S.-led strike on Syria.
First megadeal.
Vodafone shareholders set to receive one of the biggest ever payouts from a corporate asset sale on Tuesday cheered the $130 billion deal struck with Verizon
2nd mega deal...Europe shares tread water Nokia surges 40%
http://money.cnn.com/ (DOW heading for 15,000 point again??.
Investors received quite the welcome back from Wall Street.
Investors digest news of Verizon Wireless deal and Microsoft's takeover of Nokia cellphones. More
North and South American green green !
World Markets
North and South American markets are broadly higher today with shares in Brazil leading the region. The Bovespa is up 3.65% while Mexico's IPC is up 1.61% and U.S.'s S& P 500 is up 1.00%.
North and South American Indexes
| Index | Country | Change | % Change | Level | Last Update | |
|---|---|---|---|---|---|---|
 |
Dow Jones Industrial Average | United States | +103.62 | +0.70% | 14,913.93 | 9:50am ET |
| |
S& P 500 Index | United States | +16.07 | +0.98% | 1,649.04 | 9:49am ET |
 |
Brazil Bovespa Stock Index | Brazil | +1,824.15 | +3.65% | 52,262.13 | 9:34am ET |
| |
Canada S& P/TSX 60 | Canada | +10.81 | +1.49% | 737.94 | 9:35am ET |
| |
Santiago Index IPSA | Chile | +2.72 | +0.09% | 3,093.41 | 9:24am ET |
| |
IPC | Mexico | +647.63 | +1.64% | 40,140.00 | 9:30am ET |
Renault said it will appoint a chief performance officer and a chief competitiveness officer to replace Chief Operating Officer Carlos Tavares, who stepped down last week.
The two appointments will be put to a Sept 9 works council meeting, and both senior managers will report to Chief Executive Carlos Ghosn, the French carmaker said in an emailed statement on Tuesday.
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Short sell orders executed on 03 September 2013
http://www.sgx.com/wps/wcm/connect/sgx_en/home/market_info/short_sale/short_sale_daily/DailyShortSell20130903.txt
Singapore STI Ends Flat Ahead Of US Data: Dow Jones
Singapore shares end flat Tuesday despite healthier Asian markets as its upward momentum fizzles out ahead of U.S. economic data due later in the global day. The STI closes just 0.94 point lower at 3054.78, after a relatively directionless session spent between the 3049 and 3063 levels.
The index, which had risen 0.9% Monday, also didn't have the benefit of leads from Wall Street, as U.S. markets were closed Monday for a holiday. Small caps and penny stocks see more action, with 4.18 billion shares worth just S$1.31 billion changing hands....
Gainers beat decliners 258 to 178. On the 30-share STI, however, there are 17 decliners against 11 gainers. CapitaMalls Asia (JS8.SG) rises most, up 3.1% at S$1.84, while Global Logistic Properties (MC0.SG) ends up 2.2% at S$2.81 after announcing it will sell two properties to GLP J-REIT to pocket US$137 million in net cash proceeds.
Banks, however, give up earlier gains to drag the STI. UOB (U11.SG) eases 0.5% to S$20.20, OCBC (O39.SG) falls 0.3% to S$9.98, while DBS Group (D05.SG) slips 0.3% to S$16.13. Most commodity counters fall, led lower by Noble Group's (N21.SG) 2.4% retreat to S$0.810. Wilmar (F34.SG) falls 1.6% to S$3.10, while Olam (O32.SG) gives up 1% to close at S$1.455.
Singapore shares end flat Tuesday despite healthier Asian markets as its upward momentum fizzles out ahead of U.S. economic data due later in the global day. The STI closes just 0.94 point lower at 3054.78, after a relatively directionless session spent between the 3049 and 3063 levels.
The index, which had risen 0.9% Monday, also didn't have the benefit of leads from Wall Street, as U.S. markets were closed Monday for a holiday. Small caps and penny stocks see more action, with 4.18 billion shares worth just S$1.31 billion changing hands....
Gainers beat decliners 258 to 178. On the 30-share STI, however, there are 17 decliners against 11 gainers. CapitaMalls Asia (JS8.SG) rises most, up 3.1% at S$1.84, while Global Logistic Properties (MC0.SG) ends up 2.2% at S$2.81 after announcing it will sell two properties to GLP J-REIT to pocket US$137 million in net cash proceeds.
Banks, however, give up earlier gains to drag the STI. UOB (U11.SG) eases 0.5% to S$20.20, OCBC (O39.SG) falls 0.3% to S$9.98, while DBS Group (D05.SG) slips 0.3% to S$16.13. Most commodity counters fall, led lower by Noble Group's (N21.SG) 2.4% retreat to S$0.810. Wilmar (F34.SG) falls 1.6% to S$3.10, while Olam (O32.SG) gives up 1% to close at S$1.455.
yes, keep warchest .... comes handy....
http://misimpleinvest.blogspot.sg/
GorgeousOng ( Date: 03-Sep-2013 11:26) Posted:
|
http://sg.finance.yahoo.com/news/malaysia-ringgit-hits-3-week-034547493.html
Ringgit outperforms some SE Asia currencies. Immediate chart resistance seen at 3.2600/dlr for now
Reuters - Malaysian ringgit hit a 3-week high on Tuesday, outperforming some Southeast Asian currencies, as offshore funds bought it after the government cut fuel subsidies to reduce the country's fiscal deficit. Malaysian govt bond yields slid.
Late Monday, Malaysia Prime Minister Najib Razak looked to sidestep political opponents and temper market jitters by cutting fuel subsidies to beef up the country's fiscal position, which had spurred capital outflows. The cuts in petrol subsidies, effective from Tuesday, will save the govt an estimated 1.1 billion ringgit ($336 million) this year and another 3.3 billion ringgit in 2014, he said.
Keep bullets for war!!!
Market Recap
US markets were closed for Labor Day.
European shares rose on Monday, boosted by encouraging Chinese and European factory data. Vodafone closed up 3.4% with talks to sell its stake of Verizon Wireless at advanced stages....
Brent for Oct delivery gained US$0.32, or 0.3%, to settle at US$114.33/barrel.
Implications for Singapore
The local bourse is likely to take cue from the strong Nikkei start (up 1.7%) and open higher this morning.
After a fairly strong 0.9% recovery yesterday and with its 2-year uptrend support holding firm, the STI is now likely to head further north and test the 3070 key support-turned-resistance next.
Meanwhile, with the MACD seemingly forming a bottom and the RSI already climbing out of its oversold region, this suggests an improving upside momentum.
Beyond the 3070 obstacle, we see the next hurdle at the 3130 minor support-turned-resistance. On the downside, 3000 is still the immediate key support, with the subsequent base pegged at the 2930 key trough.
US markets were closed for Labor Day.
European shares rose on Monday, boosted by encouraging Chinese and European factory data. Vodafone closed up 3.4% with talks to sell its stake of Verizon Wireless at advanced stages....
Brent for Oct delivery gained US$0.32, or 0.3%, to settle at US$114.33/barrel.
Implications for Singapore
The local bourse is likely to take cue from the strong Nikkei start (up 1.7%) and open higher this morning.
After a fairly strong 0.9% recovery yesterday and with its 2-year uptrend support holding firm, the STI is now likely to head further north and test the 3070 key support-turned-resistance next.
Meanwhile, with the MACD seemingly forming a bottom and the RSI already climbing out of its oversold region, this suggests an improving upside momentum.
Beyond the 3070 obstacle, we see the next hurdle at the 3130 minor support-turned-resistance. On the downside, 3000 is still the immediate key support, with the subsequent base pegged at the 2930 key trough.