IT show is here. Too tempting. So sold my NOL after 3 days in a row, it played with $2.00 resistance. I am okay.. no problem.. no issue. Unless it did another Yanlord and go up like mad again.. (which will probably be the case...)....
In the meantime, I can go and buy a NAS in IT Show.... HA :)
Bought 5 lots @ $1.84. Sold 5 lots @ $1.99.
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Pre-Market Open Commentary for 11 March 2010
DJIA: 10567.33 +2.99
Nasdaq Composite: 2358.95 +18.27
US stocks rose on Wednesday, led by the financial services sector, following upbeat reports on wholesale inventories and unemployment. Leading the advance was the financial services sector where bank shares rose on upbeat analyst comments while insurance giant, AIG soared over the company’s recent asset sales. Reports of a decline in wholesale inventories abating, with a 0.2% fall in January, after a 1% drop in December, also lifted the market with rising expectations that consumer demand is strengthening. Separately, the government also reported fewer states reporting increases in unemployment in January.
All the major indices ended higher with the Dow Jones Industrial Average gaining a marginal 0.03% while S&P 500 rose 0.45% to 1,145.61. Nasdaq composite gained 0.78%.
Expect sentiment to take cues from economic reports scheduled on Thursday including the weekly jobless claims, continuing claims and the January trade gap figure.
US light crude oil for April delivery rose US$0.60 to settle at US$82.09 a barrel, after briefly hitting a high of US$83.03 a barrel, on government reports of a smaller-than-expected increase in oil supplies and a dip in gasoline inventory.
In Singapore today:
While caution reigned in the other major Asian bourses, the local bourse outperformed with an upswing in late trading, lifting the STI 22.75 points higher to 2862.29, led by bank and transportation shares. Elsewhere, the Hang Seng and Nikkei ended largely unchanged while the Shanghai Composite Index declined 0.66% despite announcements of a 45.7% surge in exports in February in the PRC, ahead of expectations of an increase of 38.3%. For every stock that fell, 2.36 gained. Turnover improved from a two-week low in volume (1.17 bil shares worth $1.1 bil traded) on Tuesday to 1.65bil shares worth S$1.55 bil traded.
Tiger Airways received another boost (recent buy call from a foreign broker) when a local broker recommended buy with a target of $2.10. The stock rose 8 cents at $1.70. Yanlord Land rose 4 cents at $2.04 on institutional interest as concerns about further monetary tightening in China eased. Palm Oil issues rose on media reports that demand will out strip supply this year due to El Nino effect and Asian consumption. Shares of Wilmar, IndoAgric, Golden Agric and First Resources rose between 2 and 14 cents.
Expect the local bourse to be range-bound today as investors are likely to remain sidelined awaiting the release of US jobs readings due tonight for further indications of stabilization in the US employment market.
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Mid Day March 11. Asian markets eased on profit taking.
US markets mustered some strength to put on modest gains led by financials after some bullish comments on the sector by a prominent analyst. Asian markets eased on profit taking with above forecast Chinese inflation data renewing concerns about interest rate hikes. The STI index slid 3.03 points at 2859.56 points. Market breadth was flat at best as traders turned cautious. Turnover was 910mil shares with a value of $786mil traded.
China's February consumer and producer price indices rose by more than expected and sparked worries that the authorities may hike interest rates soon. Stocks reversed from their early gains as buyers beat a hasty retreat. Dealers note the slid was not panicky nor drastic as an analyst noted that China's Central Bank may adopt `quantitative tightening' in the short term by raising the banks' reserve requirement ratio and the installation of lending quotas; without increasing interest rates. Selling pressures stabilised as the Chinese Stats Bureau said it expects mild inflation for the full year and no signs of economic heating.
Baragin hunters and rotational play pushed shares of China XLX 1.5 cents higher at 60 cents. A dealer noted `buying interest looked sufficiently strong enough to prove some short sellers wrong'. CapitalMalls Asia rose 2 cents after a local broker issued a buy note with a target of $2.51. Dealers said the stock could be included in the FTSTI index in an annual index review to be announced soon. Stocks that rose were STX PanOcean, UOB, Haw Par, Tiger Air, Olam, KS Energy, Swiber and OCBC Bank that added between 2 and 34 cents.
On the balance, shares of SIA, Indoagric, NOL, OUE, Nam Lee, First Resources, Wilmar and Yanlord eased between 2 and 74 cents.
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Market close March 11. Markets close mixed as interest rate hik fears return
Asian markets f inished mixed as traders took profits after recent gains. A higher than expected Chinese inflation (CPI and PPI) data reporting renewed concerns that interest rates hikes would come sooner rather than later. The STI index closed 11.62 points higher at 2,873.91 points. Market breadth was flat at best with the consolidation of the broader market. Turnover was 1.47bil shares with a value of $1.42bil traded.
Dealers said the broader market remained cautious on consolidation. Weaker US index futures and European bourses put a cap on any advances, a dealer said.
Bargain hunters and rotational play pushed shares of China XLX half cent higher at 59 cents. A dealer noted `buying interest looked sufficiently strong enough to prove some short sellers wrong'.
CapitalMalls Asia rose 5 cents at $2.34 after a local broker issued a buy note with a target of $2.51. Dealers said the stock could be included in the FTSTI index in an annual index review to be announced soo n . Stocks that rose were STX PanOcean, UOB, Haw Par, Tiger Air, SGX, Jardine Matheson, Jardine C&C, Keppel Corp, HL Asia and OCBC Bank that added between 2 and 70 cents.
On the balance, shares of Hiap Hoe, SIA, Indoagric, NOL, OUE, Nam Lee, First Resources, Wilmar and Yanlord eased between 2 and 66 cents.
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