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: Wall Street continues to rise | | | | | From: NetResearch Asia [mailto:postman@netresearch-asia.com]
Sent: Tuesday, March 12, 2013 9:32 AM
To: NetResearch Asia 12 Mar 2013
Subject: Wall Street continues to rise
Pre-Market Open Commentary for 12 March 2013
( CO. REG. NO.
199904258C )
DJIA: 14447.29 +50.22
Nasdaq Composite: 3252.87 +8.51
Good morning, fellow investors
It was another good day on Wall Street, with the benchmark Dow Jones
Industrials hitting a new intra-day high for the fifth consecutive day.
Analysts were a bit stumped given that there appeared to be little reason
for the optimism. The other major indices were all higher as well.
On the corporate front, sporting goods retailer Dick's Sporting Goods
announced earnings numbers that were below expectations resulting in a more
than 10% drop in share price. The group also warned of a sharp slowdown in
same-store sales for the first quarter.
Shares of BlackBerry rose nearly 14% as expectations grew over the upcoming
debut of Z10, which has enjoyed good reviews. Pre-orders are scheduled to
start this week.
Oil futures recovered a little despite concerns about China. Crude for
April delivery closed at US$92.06 a barrel, up US 11 cents.
In Singapore today:
Singapore shares were mostly lower yesterday, dragged by forced selling of
penny caps and the second liner issues. Despite the weak broader market,
the STI index closed 3.44 points up at 3,292.97 points while keeping to a
tight trading range. Market breadth deteriorated through the day to end
with about two declines with every stock that rose. Turnover was 4.46bil
shares with a value of $1.67bil traded.
We expect the STI to continue to rise today on the back of positive
sentiment from Wall Street's rise but penny stocks, which still dominate
the actives list, could continue to see some correction. The Singapore
press reported this morning that one of the local brokers has imposed
trading restrictions on some 15 stocks.
Penny caps were mostly lower on talks or expectation of forced selling
yesterday as `weeks of speculative runs appeared to have stopped'. Shares
of WE Holdings, IPCO, YHM, Cedar and Magnus fell between 2.8 and 46.9 per
cent. WE Holdings, which had been a darling of speculators until recently
slumped nearly 47 per cent to end at 6.8 cents with 409.8m shares traded.
Elsewhere, shares of Jardine C&C, Wilmar, SuperGroup, Breadtalk,
Capitaland, SIA Engineering and Keppel Land fell between 7 and 15 cents.
On the balance, shares of Jardine Strategic, Dairy Farm, SPH and SingLand
rose between 13 and 29 cents. SPH added 14 cents at $4.31 on 12.2m shares
traded after it said it was considering the spin-off of its Singapore
properties in the form of a REIT.
1. ECS Holdings Ltd - 4Q12 results update (free)
Going with the flow [read the report]
2. Kevin's blog: What does the revamp of the China Railway Ministry mean
for Midas - one of My Stock Picks ? (free)
[read the report] | |
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