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Singapore 4Q unemployment rate up tad at 2.2%

January 31st, 2011 | No Comments

Singapore 4Q unemployment rate rises to 2.2% from 2.1% in the previous quarter as a relatively higher number of jobs are lost in the manufacturing and services sectors.

The data are unlikely to prompt any policy changes as unemployment rate rise is marginal, but the government is likely to watch jobs reports closely as elections loom.

In 4Q, 3,200 jobs were estimated to have become redundant vs 1,930 in 3Q. Data show 30,600 new jobs were added in 4Q vs 20,500 in 3Q. The unemployment rate shrinks to 2.2% in 2010 compared to 3.0% in 2009, the data show.

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M1′s 4Q net profit tad up on higher operating revenue

January 19th, 2011 | No Comments

M1 (MONE.SI), Singapore’s smallest mobile phone operator, said its fourth quarter net profit rose 0.7%, as higher operating revenue was offset by a rise in operating expenses.

M1 had a net profit of $37.5 million for the three months ended Dec 31, up from$37.2 million in the year-ago period, it said in a statement.

The company’s operating revenue rose 20.9% to $261.4 million in the fourth quarter from $216.2 million a year ago, due to higher service revenue and handset sales.

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Singapore 4Q growth tad slower but doesnâ€™t hurt 2010 record

January 3rd, 2011 | No Comments

Singapore’s economy expanded a tad slower than analyst estimates in the fourth quarter of last year, but that didn’t prevent the island nation rounding out a year of record growth.

Singapore’s economy, considered a bellwether for Southeast Asia, expanded at an annualized pace of 6.9% in the October-December period from the previous quarter, rebounding from a third-quarter slump and staying on course to become the second-fastest growing economy in the world after Qatar.

Palm plays tad higher; DMG likes First Resources

December 13th, 2010 | No Comments

Palm stocks edge up with Golden Agri (E5H.SG) +0.7% at $0.775 and Indofood Agri (5JS.SG) +1.4% at $2.82; though volume is fairly light as the overall market is generally lackluster and investors are likely to be more cautious on palm plays now that most are near 2.5-year highs.

DMG, which is Neutral on the sector, notes Malaysia’s palm oil inventory started to decline last month as production began on a seasonal downcycle.

Dec 9: Golden Agri, Noble, Pacific Andes

December 9th, 2010 | No Comments

Singapore shares may open a tad higher on Thursday after Wall Street edged up overnight as gains in financial and technology stocks offset declines caused by a recent surge in bond yields. Singapore’s Straits Times Index increased 0.3% to 3,202.80.

The following companies may have unusual price changes in Singapore trading today, say Thomson Reuters and Bloomberg. Stock symbols are in parentheses, and share prices are from the previous close.

Nov 26: Sabana REIT, China Fishery, Pacific Shipping Trust, Keppel Corp, SIA, STX OSV

November 26th, 2010 | No Comments

Singapore shares may open a tad higher on Friday as global markets edged up, but trading is likely to be quiet as US markets were closed overnight for the Thanksgiving holiday. Singapore’s benchmark Straits Times Index <.FTSTI> rose 0.71% on Thursday to 3,159.23 points.

Here are some stocks and factors to watch, say Bloomberg and Thomson Reuters:

Shares of Sabana REIT (SABA.SI), which owns industrial properties, makes its Singapore market debut after raising about $491 million in an initial public offering that was 2.5 times subscribed.

Singapore developers tad up despite policy risk

November 16th, 2010 | No Comments

Singapore developers holding up despite prospect of more government measures to cool housing market, as still-healthy new home sales supportive, according to Dow Jones.

“Recent launch of projects such as UOL’s (U14.SG) Spottiswoode Residences and Keppel Land’s (K17.SG) The Lakefront Residences are enjoying good response,” says DBS Vickers; “we expect pricing growth to be modest and reiterate our medium-term view that high-end residential prices will remain resilient.”

STI +0.6%; retail players yet to enter

November 11th, 2010 | No Comments

Singapore shares may end tad higher as investors continue to regard market conditions conducive for equities in near term amid robust liquidity. STI +0.6% at 3308.41, shade below recent 3313 year-to-date high, which could offer resistance.

STI +0.2%; strongly biased to upside

November 11th, 2010 | No Comments

Singapore shares tad choppy in initial trade, with STI +0.2% at 3295.92 vs down 0.1% at 3285.29 earlier; immediate resistance at year-to-date high of 3313, support at this week’s current 3257 low.

Golden Agri +5.3%; Positive press helps a tad: Analyst

November 1st, 2010 | No Comments

Golden Agri-Resources (E5H.SG), +5.3% at $0.68 midday, STI’s top percentage gainer, snaps four-session, 6.5% decline, after grievance panel of Roundtable on Sustainable Palm Oil said on Friday, according to Dow Jones.

STI off 0.1%; Immediate visibility low: Analyst

September 7th, 2010 | No Comments

Singapore blue chips open tad lower on light profit-taking after STI’s 1.1% gain yesterday, but buying interest generally intact as market breadth at 2 gainers for every decliner, says Dow Jones.

Index last off 0.1% at 3,032.11, expected to hold above 3,000, with immediate resistance at year-to-date intraday high of 3,043 set last month.

STI may open tad lower after Monâ€™s new 2010 high

September 7th, 2010 | No Comments

With no leads from Wall Street overnight as US markets shut for Labor Day holiday, early trading in Singapore shares may be lighter than usual, with players expected to take cues from other Asian bourses as session progresses, says Dow Jones.

After closing at highest level this year yesterday, +1.1% at 3,034.58, STI may open tad lower on profit-taking, though more upside still possible in near term. Support at 3,000, resistance at 3,085 (lower end of breakdown gap formed June 9, 2008).

STI +0.1%; Upside small; Eyes on Fed statement

August 10th, 2010 | No Comments

Singapore stocks tad higher, with almost 2 gainers for every decliner, says Dow Jones.

STI +0.1% at 2,998.13, not expected to test year-to-date high of 3,043, with buyers holding back ahead of FOMC’s interest rate decision, accompanying statement due later Tuesday.

Singapore may lower 2Q GDP estimate a tad: DBS

August 6th, 2010 | No Comments

Singapore may reduce 2Q GDP estimate to +18.7% on year vs +19.3% previously reported, cut estimate for adjusted, annualised GDP to +24.1% on quarter vs +26% reported on pullback in manufacturing, especially pharmaceuticals, DBS says in note.

“Volatility is the hallmark of the pharmaceutical industry due to the nature of its production process. Having ramped up production since the start of the year, it should not come as a surprise to see some more producers shutting down production in June to do the necessary maintenance and sterilization before embarking on the next batch of drugs,” says DBS.

OCBC 2Q tad below view but stock downside small

August 2nd, 2010 | No Comments

OCBC’s (O39.SG) 2Q10 earnings of $503 million, +8.0% on-year, tad below $517 million tipped in Dow Jones poll, but unlikely to weigh on share price as results not surprising with low interest rates continuing to pressure net interest margin.

Non-interest income tad higher, with stronger fee and commission income offsetting weaker trading income due to lower contributions from insurance unit Great Eastern Holdings (G07.SG), which reported results last week, prompted mild pullback in OCBC shares.

STI may open tad lower; China may provide leads

June 17th, 2010 | No Comments

After flat session on Wall Street, investors may be reluctant to build on yesterday’s momentum in Singapore market, may opt instead to book some gains in early trade, according to Dow Jones.

As session progresses, China markets, which reopen after three-day holiday, may offer fresh leads. Having closed +1.0% yesterday at almost 5-week high of 2,846.94, STI expected to hold above resistance-turned-support of 2,800 but below 2,900 (last breached May 4).

STI off 0.1% as of 10:40 a.m.; more downside expected, says CIMB

May 12th, 2010 | No Comments

Singapore shares open tad higher, but fail to retain gains amid guarded investor sentiment. STI off 0.1% at 2,854.21 as of 10:40 a.m. vs 2,860.32 opening, high of 2,870.29. Index expected to hold above 2,800, with resistance at yesterday’s 2,899 intraday high.

STI up 0.5%; downside bias expected in 2Q: DBS Vickers

March 26th, 2010 | No Comments

Singapore shares settle a tad higher at midday after sluggish performance in early trade, although participation remains low as retail investors mostly still sitting on sidelines, reported Dow Jones.

The STI is up 0.5% at 2,901.69 vs morning low of 2,884.24 (off 0.1%) with resistance expected at last week’s two-month high of 2,932.

STI gains 0.7%; volume picks up tad; US futures higher

March 17th, 2010 | No Comments

Singapore shares on track for highest close in 9 weeks, with US futures providing supportive lead (DJIA +21 points), says Dow Jones Newswires.

STI is up 0.7% at 2,916.50 with resistance tipped at current 2010 high of 2,947. Dealer at local brokerage says Fed statement that US interest rates to stay low helping market sentiment: “There’s been a lot of money on the sidelines for some time; now money is moving because there is some comfort that rates are not going to rise (near-term).”

Dairy Farm gains 5.3%; FY09 results a tad ahead of forecast, says JPMorgan

March 8th, 2010 | No Comments

Dairy Farm (D01.SG) heads higher as investors digest recent solid FY09 results; shares gain 5.3% at US$6.54 ($9.15) with resistance at 2009’s highest close of US$6.90.

Food retailer’s underlying net profit gained 14% on-year at US$364 million, as company says core business of “selling goods that meet the everyday needs of Asian customers” again proved resilient amid challenging economic conditions, with prospects for coming year remaining “positive”.