| INVESTOR WATCH |
It's a bear-market rally, says Saxo
Despite the current oft mention of "green shoots" appearing in the flagging economies around the world, investment strategists at Saxo Capital Markets are quick to remind investors that there are still widespread patches of "brown grasslands" in the global economic landscape.
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We’re in the early stages of a bull market
Q&A with William Miller, chairman and chief investment officer of Legg Mason Capital Management on his market outlook
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Falling US bank stocks may foreshadow S&P 500 decline
Declines of more than 20% in US regional banks and homebuilders and the failure of transportation companies to erase their annual loss may be signs the rally in the Standard & Poor's 500 Index is about to fizzle.
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Time to dollar average on stocks,
says BlackRock strategist
With the deep despair of yesteryear over the global economy finally receding, investors should try to invest through a dollar cost averaging strategy, says Bob Doll, the vice-chairman and chief investment officer for global equities at the US asset management firm, BlackRock.
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Data give signs of global recovery
The global downturn appeared close to a bottom on Wednesday after manufacturing figures from across the world suggested the worldwide recession was running out of steam in all big economies.
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India on track for 7% growth, ministry says
India could see growth this year of roughly 7 per cent and then resume the faster expansion of recent years, provided it makes sweeping reforms including removal of fuel subsidies and accelerates infrastructure development, a key government report said.
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China's PMI expands a fourth month
China's manufacturing expanded for a fourth month as government stimulus spending and record bank lending sparked a recovery in the world’s third-biggest economy.
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Japan past worst of slump, says minister
Japan has passed the worst of its current slump and is on course for growth in its next fiscal year, but the recovery of the world’s second largest economy could yet prove vulnerable.
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Phillip Commentary – 29 June 2009
Blooms in the credit market?
Last week, the Fed kept interest rates unchanged and said that the US economic recession was easing. How did the market react? Dexter Tan of Phillip Securities assessed the impact of the Fed's action on various asset classes.
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Silver lining for Cathay, SIA in surge of fuel prices
Cathay Pacific Airways, Air China Ltd. and Singapoe Airlines can take some solace from the 43% surge in the price of jet fuel this year in that it will help to trim losses from their fuel hedges.
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| CORPORATE WATCH |
| CNA Group |
Tech-savvy & 'without peers'
It will be hard pressed for the building maintenance services division of the CNA Group to maintain its 10% to 15% share of the overall contribution to the annual turnover of the company, noted group president & CEO, Michael Ong. more
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| China Fibretech |
Sheltered from falling Chinese exports
If you happened to catch the news on BBC or CNN in the past couple of months about the jobs situation in China, you are likely to get the impression that there had been... more
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| THE OTHER VIEW |
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| FEATURES |
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US stocks gained, but for how long?
The good news is that Wall Street finished its best quarter in years on Tuesday – part of a dizzy spree that lifted the broad market 35 percent since early March. The not-so-good news? It would take almost three more rallies like that to push the Dow Jones industrial average back to 14,000 and return markets to where they were before the financial crisis.
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For Older Investors, Old Rules May Not Apply
The stock market's damage has already been done. And if you are one of those people near or already in retirement, you already know you're going to have to work longer, save more or spend less. But what should you do right now with the money you have left? Should you wade back into the stock market, if you bailed out when the market was plunging? Or if you watched your investments drop and then recover a little in the last few months, should you just hold on?
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Sentiment Will Get You Only So Far
Going forward, we believe company fundamentals such as revenue growth, profit margins and return on equity (ROE) will be more important than sentiment In this recovery, it will be harder to use financial leverage to increase profitability. Those companies that can improve ROE without increasing financial leverage should command a premium valuation. more |
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Building a Portfolio That Will Stay Afloat When Inflation Returns
Most economists don't expect inflation to arrive anytime soon. But nobody really knows when it will appear or how corrosive its effects will be. In the meantime, financial planners are suggesting that investors make sure that their portfolios are well positioned to withstand any impact on their hard-earned money – before it's too late. more |
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10 banks to exit aid assistance programme
The Obama administration marked with little fanfare a major milestone in its bank rescue effort with its decision to let 10 big banks repay federal aid that had sustained them through the worst of the crisis. But after banks return the Troubled Asset Releif Programme (TARP) money, the administration will forfeit much of its leverage over them. With that loss goes a rare opportunity to overhaul the industry. more |
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| FUND WATCH |
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SECTOR WATCH |
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CHART WATCH |
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Henderson Horizon Fund (China) Update
Q&A with lead fund manager, Andrew Mattock more
Time for Asia to finally emerge from the West's shadow?
Asian equity markets have been pegged back by the underperformance from the rest of the world, even though below the surface the differences between the two regions are quite pronounced.
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Superfund's multi-strategy fund for high networth investors
Managed futures specialist, Superfund has launched a new multi-strategy diversified fund named Superfund White in Singapore, one that co-opts several different strategies to achieve consistent high returns with relatively low volatility regardless of the economic or market environment. more
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Semiconductor recovery likely in 2010
There seems to be a lot of positive news coming out lately for the global semiconductor sector. From industry players to market research firms, calls for the bottoming out of global semiconductor sales and...
Chemical Fibre – Nylon industry seeing signs of recovery
China's chemical fibre industry has likely hit bottom after entering a down cycle from late-4Q08 to early-1Q09. Implications include the plunge in selling prices, lower production, decreased profitability, longer receivables and...
Relooking at the laggards of the oil cycle
The offshore support vessel (OSV) sector is a late-cycle beneficiary in an upturn of the offshore oil and gas industry. We believe higher oil demand may mark the start of another secular growth. We view the firmness in the OSV's share prices following recent placement exercises with optimism.
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STI – Trending up cautiously
The STI has been trading up cautiously but there is uncertainty in the advance. The 2400 to 2424 region is the nearest resistance level. Investors are advised to keep bets light with a long bias.
STI: Buy on dips and sell into strength near 2,400
The FSSTI Has rebounded off 2,211 to 2,332 last Friday. We also suggested going long on several stocks. Most of these have rallied in recent days. Our observations are...
STI – Further downside
With the MACD chart remaining bearish, we are of the opinion that the STI is set to lose further ground in the near-term with initial support at the 2,211 – 2,218 region
Key Support for STI at 2237
Watch the 2237 level closely. This is the most recent low for the STI. Should the STI crack 2237, it would indicate to us that immediate momentum has a downward bias and this in turn should take the STI lower.
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| INSIDER TRADES TRACKER |
Selected Insider Trades:
Week of 22 June – 26 June 2009
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| STOCK WATCH |
SingTel: Buy
(OCBC Research, 2 July)
Singapore Airlines: Buy
(Kim Eng, 2 July)
Sembcorp Marine: Sell
(Kim Eng, 2 July)
Sembcorp Marine: Buy
(DBS Research, 2 July)
Midas Holdings: Buy
(DMG. 2 July)
Cambridge Industrial Trust: Buy
(Phillip Securities, 1 July)
Parkway Life REIT: Buy
(Phillip Securities, 1 July)
Suntec REIT: Hold
(Phillip Securities, 1 July)
Ho Bee: Hold
(Phillip Securities, 1 July)
SC Global Developments: Hold
(Phillip Securities, 1 July)
KSH Holdings: Neutral
(DMG, 1 July)
Straits Asia Resources: Buy
(OCBC Research, 30 June)
Singapore Exchange: Sell
(DMG, June 30)
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