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The Dow continues to rise but Apple weighs on Nasdaq | | | M | | | From: NetResearch Asia [mailto:postman@netresearch-asia.com]
Sent: Thursday, September 12, 20
Subject: The Dow continues to rise but Apple weighs on Nasdaq
Pre-Market Open Commentary for 12 September 2013
( CO. REG. NO.
199904258C )
DJIA: 15326.6 +135.54
Nasdaq Composite: 3725.01 -4.01
Good morning, fellow investors
It was a fairly good day on Wall Street overnight with the Dow Jones
Composite rising another triple digits but there is concern this could
skittle next week after the Fed meeting on interest rates and whether it
will ease on its bond-buying program. The Nasdaq Composite, however, was
dragged into the red by Apple, amongst others.
Reaction to the launch of the new iPhone 5S and in particular 5C has been
critical and harsh, mainly that the upgrades were not as revolutionary as
hoped and that the 5C, if targeted at the mass market, is not priced to
attract this at all. Also, a much anticipated deal with China Mobile was
not announced. Instead, a press conference in China also unveiled the new
models as well as announced that China's Telecom Equipment Certification
Center gave Apple the final license necessary for the iPhone to run on the
network of China Mobile Ltd, the world's largest wireless operator.
In economic news, wholesale inventories rose by 0.1% in July, according to
the Commerce Department. Though this was lower than expected, it was still
the first gain in four months.
Crude futures edged upwards as well. Crude for October delivery rose US17
cents to US$107.56 per barrel.
In Singapore today:
Profit taking across Asia limited most of yesterday's gains. Though worries
about a military strike on Syria have eased, sluggish economic growth may
figure to be an eventual concern. At closing, the STI index traded 15.7
points down at 3108.10 points, off the session's high of 3136.53 points.
For every stock that fell about 1.6 rose with the actives list dominated by
penny caps. Turnover was 3.5bil shares with a value of $1.3bil traded.
Expect a bounce this morning on the back of Wall Street's gains though this
will likely be tempered again with some profit taking. The lack of fresh
positive factors coupled with news of tepid property sales will continue to
weigh on sentiment. Today's headlines that the MAS has announced measures
to clamp down on unsecured lending will not be a major factor given that
unsecured credit from credit cards is only about 2 per cent of total system
debt.
Part 1 of our report on Healthcare in Singapore is on the site today. Do
sign up for our free seminar on September 28 featuring Kevin Scully's stock
picks and insights from the Chairmen of three listed companies.
Chinese shipbuilding stocks had some interests fuelled by recent broker
reports suggesting that the `stage was set for a cyclical upturn in the
shipbuilding sector'. Noteworthy too is the Baltic dry index that has
almost doubled from a low of about 801 in June this year and is now trading
at a 52-week high. The recovery has paced recent Chinese iron ore data that
sees noteworthy gains due to a depletion of inventory. Shares of
Yangzijiang, JES and Cosco Corp rose between 0.5 and 4.5 cents while
Mercator rose 7 percent at 13 cents. Elsewhere, shares of Ezra, DairyFarm,
Fortune Reit, Asiasons, Loyz Energy, Genting SP, KepLand, Wing Tai, M1,
Vard, Triyards, HiapTong and OKH Global rose between 2.5 and 20.5 cents.
On the balance, shares of Jardine Matheson, Jardine Strategic, Jardine C&C,
DBS, SGX, ARA, Ossia, AscottReit, Halcyon, Pac Cent, Frasers Comm, Rex
Intl, A-Sonic, Ocean Sky, Rowsley, AP Strat and Mirach eased between 1 cent
and $1.02.
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