STI on 2 May 13 – Bullish

If you read the finance news below without looking at each market individually, I bet you will be confused.

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SINGAPORE, May 2 (Reuters) – Singapore shares touched a five-year high on Thursday, with DBS Group Holdings rising over 4 percent, its biggest daily gain in more than three years after posting a record profit for the first quarter.

The Straits Times Index gained 0.9 percent to 3,401.00, while the MSCI’s broadest index of Asia-Pacific shares outside Japan was down 0.3 percent.

Shares of DBS, Singapore’s biggest lender, jumped nearly 5 percent to S$17.59, the highest since May 2008. It was trading at S$17.51 at 0435 GMT, on course for its biggest daily climb since April 2010.

DBS reported a record quarterly profit of S$950 million ($770.32 million), up 2 percent from a year earlier, boosted by annuity businesses and stronger capital market activities.

“DBS remains an Outperform and our high-conviction top pick in Singapore banking,” said CIMB Research.

Shares of Genting Singapore Plc rose 4.23 percent to S$1.64, matching a peak in February, after casino operator Las Vegas Sands Corp posted better-than-expected first-quarter earnings on good results in Macau and Singapore.

Genting Singapore is due to report its quarterly earnings after market close.

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AFP (2 May)- Asian markets slipped Thursday after US stocks tumbled on the back of weak employment and manufacturing data, as dealers eyed a policy meeting of the European Central Bank later in the day.

Tokyo closed down 0.76 percent, or 105.31 points, at 13,649.04, Seoul fell 0.34 percent, or 6.74 points, to finish at 1,957.21, while Sydney ended 0.70 percent, or 36.2 points, lower at 5,130.0.

Hong Kong fell 0.30 percent, or 68.71 points, to 22,668.30 while Shanghai was down 0.17 percent, or 3.79 points, at 2,174.12, a day after official data showed that manufacturing activity in China slowed last month.

US markets fell Wednesday following the release of separate reports showing that job growth eased to its slowest level in seven months in April and that manufacturing activity had slowed sharply in the same month.

The data came as the Federal Reserve gave a tepid economic outlook at the close of its two-day monetary policy meeting.

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2 thoughts on “STI on 2 May 13 – Bullish

  1. So is it a sign to get in now – since STI has broken the trading range and heading upwards? How long would this bull run last?

    • Though some counters have run up quite a bit, look for those that have yet to announce their quarterly results. Again, each counter must be looked at individually. Look for support to define your risk and resistance for potential profit taking level.

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