Singapore Stock Market Update

Morning Highlights

Singapore market opens higher after Wall Street closed up on Friday on Federal Reserve's comments that it was ready to take further steps to support the US economic recovery.

Last week, market has been seen consolidating between 2900-2950. We are expecting further consolidation from this point, after which, market will eventually gain momentum on the upside. Nonetheless, please do be mindful of the support at 2900.

Till then, our market sentiment remains neutral.

• Starhub broke high of 2.39
• Goodpack broke high of 1.90

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The Property Cooling Measures implemented by the government are as follow (All measures to take effect on 30 Aug):

1. Holding Period for the seller stamp duty increases to 3 years from 1 year.
2. Minimum cash payment increase for property buyers with existing housing loans.
3. Buyers of second property can borrow up to 70% on property value, down from 80%. 

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Watch Out For Economic News Today:

1. U.S July Personal Income

Corporate Announcements:

1. Swiber acquired the remaining 10% equity interest of Equitorial Pte. Ltd.
2. Cosco delivered a bulk carrier of 57,000 dwt to its Asian buyer.

News Updates:

1. Bernanke pledges Federal Reserve will fight deflation, but doesn't outline trigger to act; U.S. stocks rally on Bernanke's reassurances; Friday gains pare indexes' weekly slump
2. Second-quarter U.S. GDP revised down to 1.6% growth rate from 2.4%
3. Dell matches H-P's $27-a-share offer for 3Par, whose board again sides with Dell offer; Hewlett-Packard lifts bid for 3Par to $30 a share, again topping Dell's latest offer
4. Intel cuts third-quarter revenue forecast, citing weaker-than-expected PC demand
5. Microsoft co-founder Allen suing Apple, Google, Yahoo, eBay, others over patents: report
6. Antitrust regulators approve airline merger of United and Continental
7. Bank of Japan to hold special policy meeting Monday to consider yen rise; Tokyo shares powering ahead as an emergency Bank of Japan meeting raised hopes the bank would announce additional easing measures to curb the yen's growth-damaging climb
8. Hong Kong shares snapped a six-day losing streak to advance early Monday, as resource stocks led by Cnooc Ltd. jumped on higher commodity prices and strong cues from Wall Street.
9. China funds lost US$65 billion in H1 due to Stocks
10. U.K August House Prices down by most since April 2009

Quick Picks: Here is a quick pick screen that we have designed to pick out potential stocks, both Bullish and Bearish. These are measured with emphasis on larger changes in price and volume.

Bullish Stocks (Singapore)

	Symbol	Name	Entry	SL	TSL	TP	Remarks
1	TECH	Technic Oil & Gas	0.845	0.785		0.905
2	BENK	Beng Kuang Marine	0.30	0.225		0.375