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STI seems to come to a 'halt'...
Their credit card issues we also kenna huh? Kinda silly but if you understand what Elfin said about flow of fund, it does make monetery sense.
Anyway look on the bright side if you are considered a Cash King now, every good fundamental stocks are begging you to buy. :)
Once again WE SINGAPOREAN likes the BACKSIDE of ANG MOS so much until ANG MOS throw STOCKS WE ALSO FOLLOWS!
Do we SINGAPOREAN have our own way of SURVIVE without following ANG MOS BACKSIDE?
Laggi more sianz... 
SINGAPORE, Aug 29 (Reuters) - Singapore's benchmark Straits Times index <.STI> fell 2.67 percent in early trade on Wednesday to 3,253.78 points, in line with falls in Asian markets and tracking Wall Street's tumble.
Banks led losses, with DBS Group Holdings
down 3.5 percent, United Overseas Bank
falling 2.4 percent, and Oversea-Chinese Banking Corp
2.9 percent lower.
By 0101 GMT, Tokyo stocks <.N225> dipped 2.5 percent while shares in Seoul <.KS11> were down 2 percent.
U.S. stock indexes tumbled more than 2 percent on Tuesday after Merrill Lynch warned that ailing credit markets will hurt bank profits, while reports showing eroding consumer confidence and falling home prices added to concerns about the economy.
Bear market makes people sianz mah....
This forum is unusually quiet or is it ghostly quiet.
Quotes:
Stock markets across Asia were mostly lower Tuesday afternoon, paring early gains after a weak performance on Wall Street, although the South Korean benchmark outperformed as shipbuilding and steel stocks returned to favor.
The Kospi index was last up 0.5 percent, with shipbuilder Hyundai Heavy adding 5 percent. Hyundai Heavy is the world's largest shipbuilder measured by the value of backlog orders.
In Tokyo, the Nikkei was down 0.4 percent, after closing the morning session with a modest gain. The broader Topix index was down 0.5 percent.
The Singaporean Straits Times was down 0.7 percent.
The Australian S&P/ASX 200 was down 0.2 percent and the All Ordinaries off 0.1 percent.
The Taiwanese Taiex was down 0.4 percent and the Shanghai Composite down 0.6 percent.
The Hang Seng was down 0.7 percent after rising early in the day on continued expectations it will benefit once Chinese investors start investing in Hong Kong after the government relaxed rules last week.
"This is a liquidity-driven market, so we are seeing investors looking for bigger returns buying stocks," said Ben Kwong, chief operating officer at KGI Asia Ltd in Hong Kong.
Overall, regional markets are continuing to rebound from their recent lows with markets showing more stability since central banks across the globe injected liquidity into their banking systems, he said. The absence of major negative headlines on the US subprime sector is also allowing stocks to hold up, he said.
Encouraging signs The Reserve Bank of Australia said Tuesday there are signs that the recent credit squeeze is easing in Australia and elsewhere.
"In recent days, there have been some encouraging signs of improvement in markets, both here in Australia and overseas," deputy governor Ric Battellino said in a speech at a finance conference. The RBA has been injecting extra cash into Australia's banking system since Aug 10, when problems in US subprime mortgages spilled over into money markets, affecting liquidity. "The bank will continue to monitor the situation carefully. If market developments warrant, the bank has scope to further expand the provision of liquidity," Battellino said.
The actions by central banks should not be seen as an attempt to bail out the markets. "The measures have been technical operations aimed at breaking up the log jams in money markets and encouraging funds to flow again, in order to prevent monetary conditions becoming tighter," he said.
Still, while the measures taken have succeeded in restoring a degree of calm to markets, conditions have not yet returned to normal.
"Notably, yields on asset-backed commercial paper as yet have not fallen, indicating a continuing high degree of nervousness among investors," he said. The Dow Jones Industrial Average closed lower overnight after data showed US sales of existing homes slipped in July for a fifth straight month, reigniting concerns about the strength of the economy.
Sales of existing homes slowed to their most sluggish pace in nearly five years, while home prices fell for a record 12th straight month. Traders are hoping the Federal Reserve will follow its recent discount rate cut with an easing of the fed funds rate at its next meeting on September 18.
However, as markets have stabilized, economists have scaled back expectations for a cut, although some believe a failure to cut would result in fresh turmoil.
In any case, "volatility will be there for another month or so until the Fed meeting," said Carmen Lee, head of research at OCBC Securities in Singapore.
Korea bucks trend The Korean market was the top performer among Asian markets Tuesday, led higher by shipbuilders and steel makers.
Alongside Hyundai Heavy, Samsung Heavy gained 4 percent and Daewoo Shipbuilding added 6 percent.
"Although with a more cautious view, Asian investors expect robust fundamentals of the shipbuilding industry to stay for the foreseeable future," Goldman Sachs analyst Koo Hye-Jin said in a note. And even with the risk that the troubled US mortgage market poses to growth, a slowdown in the US economy alone should not pose a significant threat to the global shipbuilding market, Koo said.
"We reiterate our bullish view on Korean shipbuilders and believe the recent correction of the Korean shipbuilding sector of about 16 percent since July offers a good entry point," Koo said.
In the steel sector, POSCO was up almost 4 percent and Dongkuk Steel Mill up 7 percent on expectations China's economic boom will fuel demand for steel.
Also in Seoul, Korea Express shares surged by the daily allowed limit of 15 percent as investors cheered the recent court approval of a sale of the company.
Local media reports said South Korea's largest logistics company, which has been under court protection since 2000 due to the financial troubles of its parent Dong-Ah Construction, has received court approval to seek a new investor beginning next month.
Elsewhere, China Life, the mainland's largest insurer, rose 6.5 percent after posting stronger-than-expected first-half earnings.
The company's American Depositary Receipt struck a record on Monday after the results were announced.
In Sydney, Australia's largest brewing and wine group Fosters Group was up 7 percent after reporting better-than-expected net profit for the past year to June and announcing plans to buy back 350 million dollars worth of shares.
Among the smaller bourses, the Kuala Lumpur Composite Index was down 0.2 percent. The Philippines Composite gained 1.4 percent as it caught up on gains posted across Asia Monday, when it was closed for a public holiday.
Singapore?s business receipts index, which measures activity in the services industry, climbed 15.6 per cent in the second quarter from a year ago. Compared to the previous quarter, the index rose by 5.6 per cent, reversing a 3.5 per cent drop in the first quarter.
Singapore's central bank raised its 2007 inflation forecast to 1-2 per cent from 0.5-1.5 per cent, but said overall inflationary pressures remained well contained.
The recent slump in stocks here has seen companies buying back their own shares in sharply higher quantities, reflecting their view that external selling pressures have unjustly depressed their share prices despite sound fundamentals. Compared to share buybacks in July of $53.47 million, listed firms here bought back a total of $174.6 million. A total of 24 firms undertook share buybacks this month compared to only 4 in July. The most aggressive in buybacks would be UOB, with a total consideration of $109.88 million, buying back 5.34 million of its own share in the open market.
Singapore investment company Temasek Holdings has approached Nasdaq, the US stock exchange, to buy its 30 per cent stake in London Stock Exchange (LSE), according to a report in the London Sunday Times. The approach, made in recent days, would cost up to £800 million (S$2.5 billion), said the newspaper. The Sunday Times also reported that if Temasek buys the shares, it could lead to a full takeover of LSE.
Wah.... volumes are extrememly low today. An absolutely boring market.
Some commentaries on the local market:
- Fitch's Financial Institutions Group in Asia-Pacific: "Losses on such investments will put a dent in annual earnings (of Asian banks) but do not pose a systemic risk as they are not a serious threat to the soundness of the banks we have surveyed... Banks in Japan and Australia... need... to provide liquidity, rather than adding materially to their subprime exposures". Singaporean banks have been the most transparent in Asia.
- Kenny Borowicz, a bond futures broker at Man Financial (Singapore) Ltd: "The flight-to-quality bid is being quickly unwound as markets settle down. Equities continue to push higher and people continue to reprice the likelihood of an imminent ease by the Fed"
-
Bill Gross, who manages the $102bn PIMCO Total Return Fund: it may be time to shift soon to a "more risk-taking posture". PIMCO expects a 0.5 percentage-point reduction in the fed-funds target rate by the Sept. 18 Fed policy meeting. "The global economy is sufficiently strong and the U.S. economy probably will avoid a recession, certainly on the corporate side, such that it's probably time to move into some high-yield investment-grade corporates"
-
Ken Fisher, Chairman of Fisher WealthManagement and Financial Times Columnist: "this is a much ballyhooed, much ado phony credit crunch, not yet recognised as such... longer term credit spreads aren't all that wide and widening, it is cash hoarding in anticipation of a phony credit crunch. This is bullish.. .it's hugely profitable for the average firm globally to borrow money and buy back shares... the bull will resume"
-
Harvard University professor Ken Froot: 'Given the recent market dislocation stemming from the sub-prime mortgage crisis, this month's (higher) investor confidence readings may seem paradoxical... They appear less so, however, once it is remembered that for every seller, there is a buyer... Many market participants sold heavily over the past fortnight, but institutional investors... took the other side of the trade, and accumulated assets at relatively attractive price levels across a broad cross-section of markets.
- [Froot's comment came in the context of the reading for the State Street Investor Confidence Index for August indicating that confidence among institutional investors across the world rose by 13 points to a level of 99.3 this month, in sharp contrast to the turmoil in the world's financial market. Leading the way were North American institutional investors, whose risk appetite rose by a full 21 points to 116.5, the survey says. In Europe, investors consolidated the pullback they began last month, and confidence fell from 90.4 points to 86.4. As Asian investors remained in a holding pattern, their confidence level exhibited a small increase from 83.5 to 84.1.
-
Alan O'Sullivan, Hedgeweek Funds Reporter: Hedge funds "have stood on either side of the sub-prime dividing line", and performances have differed. One of the best-performing funds is Thames River Hedge Plus, which saw its net asset value soar after it took a timely investment in Paulson Credit Opportunities, a hedge fund that shorts the US sub-prime market, at the end of last year. It has a three-month NAV growth of 7% in comparison to the average fund of hedge fund?s 3.8%. Its share price rose over 5.3% over July, while the average share price of funds in the sector fell by 0.1%. The KGR Asia Dynamic fund is a contrasting example. It has profited from investments in Asia and seen its three-month NAV grow 5.6%. But its share price fell 3.1% in July after it announced it was pulling out of an Australian fund called Basis Pac RIM, which itself had a 15% exposure to the US sub-prime market though a sister fund.
-
Several central banks feel the current financial-market turbulence does not warrant rate cuts
. The central banks of South Africa, Norway and Australia were among those which lifted interest rates and waned of hte need to stay focused on fighting inflation. The ECB said that "the position of the governing council of the ECB on its monetary policy stance was expressed by its president'' on Aug. 2. (when President Jean-Claude Trichet said the ECB would show ``strong vigilance'' on inflation)
Probably would close @ 3345 today
after closing the gap up from yesterday.
Correction coming today!!!
| ^AORD |
All Ordinaries |
Australia |
6,095.000 8:58AM SGT |
 54.700 (0.89%) |
Components, More |
| ^SSEC |
Shanghai Composite |
China |
5,032.494 Aug 23 |
 52.419 (1.05%) |
Components, More |
| ^HSI |
Hang Seng |
Hong Kong |
22,966.97 Aug 23 |
0.00 (0.00%) |
Components, More |
| ^BSESN |
BSE 30 |
India |
14,163.98 Aug 23 |
0.00 (0.00%) |
More |
| ^JKSE |
Jakarta Composite |
Indonesia |
2,117.6599 Aug 23 |
0 (0.00%) |
Components, More |
| ^KLSE |
KLSE Composite |
Malaysia |
1,283.62 Aug 23 |
28.23 (2.25%) |
Components, More |
| ^N225 |
Nikkei 225 |
Japan |
16,288.73 8:38AM SGT |
27.59 (0.17%) |
More |
| ^NZ50 |
NZX 50 |
New Zealand |
4,071.725 8:37AM SGT |
17.393 (0.43%) |
Components, More |
| ^STI |
Straits Times |
Singapore |
3,370.91 Aug 23 |
0.00 (0.00%) |
Components, More |
| ^KS11 |
Seoul Composite |
South Korea |
1,785.78 8:58AM SGT |
13.94 (0.77%) |
Components, More |
| ^TWII |
Taiwan Weighted |
Taiwan |
8,732.84 Aug 23 |
0.00 (0.00%) |
More |
no news is good news... as long as we dun hear news of hedge funds going bankrupt because of mortgage related loans.. we should see the market stabilising...
HSI open with a bang too. STI should be able to sustain today.
| Hong Kong Sector Indices |
Current |
Change |
% Change |
Date |
| S&P/HKEX GEM |
1,453.21 |
+27.49  |
|
 +1.93% |
23-08-2007 |
| HSI-FINANCE |
35,580.69 |
+527.83 |
|
+1.51% |
23-08-2007 |
| HSI-UTILITIES |
36,101.22 |
+411.76 |
|
+1.15% |
23-08-2007 |
| HSI-PROPERTIES |
27,151.83 |
+1085.17 |
|
+4.16% |
23-08-2007 |
| HSI-COM & IND |
12,748.38 |
+353.66 |
|
+2.85% |
23-08-2007 |
| HANG SENG C E I |
13,083.57 |
+375.54 |
|
+2.96% |
23-08-2007 |
| HANG SENG C C I |
4,427.55 |
+129.97 |
|
+3.02% |
23-08-2007 |
STI open with a "BANG"!!!
+2.7%, lead by Banks and SIA and Keppel!!!
QUOTES:
Singapore shares are expected to open higher Thursday after Wall Street rallied overnight as a pullback in Treasurys and an increase in borrowing by banks were seen by investors as signs that the Federal Reserve's efforts to loosen up the credit market might be working.
On Wednesday, the Straits Times Index closed up 92.84 points or 2.9 percent at 3,321.5.
Gainers led losers 614 to 232, with 191 stocks unchanged.
Volume traded was 1.86 billion shares valued at 2.19 billion Singapore dollars.
Dealers said the market is slowly regaining its upward momentum following last week's selldown and it is likely that that the benchmark Straits Times Index will test the 3,400 resistance level in the next few days.
But some analysts remain doubtful.
DBS Vickers Securities retail strategist Yeo Kee Yan said the way the Fed reacted to last week's market turbulence gives a sense that "the worst of the news is still not there." Yeo said he is also worried about a potential correction in the Shanghai stock market which has continued to rally despite the increase in Chinese interest rates.
Great start in Asia. Coupled with great closing at Euro and US, STI has the potential to cheong +3% today.
| ^AORD |
All Ordinaries |
Australia |
6,141.400 8:49AM SGT |
144.000 (2.40%) |
Components, More |
| ^SSEC |
Shanghai Composite |
China |
4,980.075 Aug 22 |
24.868 (0.50%) |
Components, More |
| ^HSI |
Hang Seng |
Hong Kong |
22,346.88 Aug 22 |
0.00 (0.00%) |
Components, More |
| ^BSESN |
BSE 30 |
India |
14,248.66 Aug 22 |
0.00 (0.00%) |
More |
| ^JKSE |
Jakarta Composite |
Indonesia |
2,062.991 Aug 22 |
0 (0.00%) |
Components, More |
| ^KLSE |
KLSE Composite |
Malaysia |
1,255.39 Aug 22 |
23.91 (1.94%) |
Components, More |
| ^N225 |
Nikkei 225 |
Japan |
16,257.55 8:29AM SGT |
356.91 (2.24%) |
More |
| ^NZ50 |
NZX 50 |
New Zealand |
4,081.110 8:29AM SGT |
47.838 (1.19%) |
Components, More |
| ^STI |
Straits Times |
Singapore |
3,321.50 Aug 22 |
0.00 (0.00%) |
Components, More |
| ^KS11 |
Seoul Composite |
South Korea |
1,810.88 8:49AM SGT |
51.38 (2.92%) |
Components, More |
| ^TWII |
Taiwan Weighted |
Taiwan |
8,493.46 Aug 22 |
0.00 (0.00%) |
More |
Close shop for the day. Not a bad day, but also not particularly eventful.
Vol remain low, as expected as skeptism still remain.
| Name |
Prev |
Last |
+/- |
% |
High |
Low |
| All-S Equities Com |
1015.53 |
1054.81 |
+39.28 |
+3.9 |
1054.81 |
1027.22 |
| All-S Equities Cons |
563.03 |
571.08 |
+8.05 |
+1.4 |
572.35 |
558.86 |
| All-S Equities Fin |
2296.32 |
2344.90 |
+48.58 |
+2.1 |
2344.90 |
2307.43 |
| All-S Equities Hotels |
1314.58 |
1355.56 |
+40.98 |
+3.1 |
1355.56 |
1313.76 |
| All-S Equities Mfg |
1297.24 |
1318.84 |
+21.60 |
+1.7 |
1319.34 |
1297.94 |
| All-S Equities MultiI |
2450.07 |
2541.07 |
+91.00 |
+3.7 |
2541.07 |
2469.77 |
| All-S Equities Prop |
1351.11 |
1386.08 |
+34.97 |
+2.6 |
1388.83 |
1359.33 |
| All-S Equities TSC |
1570.02 |
1628.27 |
+58.25 |
+3.7 |
1631.26 |
1588.57 |
| All-SingEquities |
875.48 |
899.30 |
+23.82 |
+2.7 |
899.30 |
881.97 |
| BT-SRI |
1626.72 |
1659.36 |
+32.64 |
+2.0 |
1659.36 |
1632.91 |
| SingEquities Elect |
116.52 |
118.52 |
+2.00 |
+1.7 |
118.52 |
115.51 |
| SingEquities Foreign |
337.84 |
337.13 |
-0.71 |
-0.2 |
338.27 |
335.20 |
| SingEquities Mainbd |
165.80 |
169.63 |
+3.83 |
+2.3 |
169.63 |
166.79 |
| Straits Times Index |
3228.66 |
3321.50 |
+92.84 |
+2.9 |
3322.76 |
3256.16 |
| UOB Sesdaq |
204.06 |
211.06 |
+7.00 |
+3.4 |
211.06 |
205.27 |
|
|
| |
Euro had a good opening today. But it normally don't mean anything because they will change very fast... accordingly to how US open.
| Europe |
Last Trade |
Change |
Related Info |
| ^ATX |
ATX |
Austria |
4,408.97 4:25PM SGT |
85.26 (1.97%) |
Components, More |
| ^BFX |
BEL-20 |
Belgium |
4,161.96 4:40PM SGT |
44.98 (1.09%) |
More |
| OMXC20.CO |
OMXC20.CO |
Denmark |
480.04 4:40PM SGT |
7.58 (1.60%) |
Components, More |
| ^FCHI |
CAC 40 |
France |
5,487.20 4:40PM SGT |
68.42 (1.26%) |
More |
| ^GDAXI |
DAX |
Germany |
7,500.06 4:25PM SGT |
75.31 (1.01%) |
More |
| ^AEX |
AEX General |
Netherlands |
510.94 4:40PM SGT |
5.33 (1.05%) |
More |
| ^OSEAX |
OSE All Share |
Norway |
532.19 4:25PM SGT |
8.06 (1.54%) |
Components, More |
| ^MIBTEL |
MIBTel |
Italy |
30,516.0000 4:40PM SGT |
311.0000 (1.03%) |
Components, More |
| ^IXX |
ISE National-100 |
Turkey |
99.07 5:00AM SGT |
0.00 (0.00%) |
More |
| ^SMSI |
Madrid General |
Spain |
1,565.80 Aug 21 |
3.62 (0.23%) |
Components, More |
| ^OMXSPI |
Stockholm General |
Sweden |
383.42 4:40PM SGT |
5.33 (1.41%) |
More |
| ^SSMI |
Swiss Market |
Switzerland |
8,692.88 4:40PM SGT |
89.67 (1.04%) |
More |
| ^FTSE |
FTSE 100 |
United Kingdom |
6,144.80 4:40PM SGT |
58.70 (0.96%) |
Components, More |
Bulls running back again...
