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Singapore Stocks-Cautious start seen; property stocks in focus

Singapore Stocks-Cautious start seen; property stocks in focus

Singapore shares are likely to
make a cautious start on Wednesday as firmer commodity prices
are offset by worries over the U.S. economic outlook and euro
zone debt concerns.
Property stocks such as City Developments may be
in focus on news that foreigners bought more homes in the first
quarter of 2011, a development that may prompt further
government measures to cool the housing market.
Foreigners snapped up 29 percent of all private homes sold
in Singapore in the first quarter compared with 26 percent in
the preceding quarter according to property consultants DTZ,
local media reported on Wednesday.

———————-MARKET SNAPSHOT @ 2344 GMT ————
INSTRUMENT LAST PCT CHG NET CHG
S&P 500 1316.28 -0.08% -1.090
USD/JPY 82.12 0.18% 0.150
10-YR US TSY YLD 3.1158 — 0.000
SPOT GOLD 1524.05 -0.11% -1.700
US CRUDE CLc1 99.19 -0.40% -0.400
DOW JONES 12356.21 -0.20% -25.05
ASIA ADRS 133.93 0.65% 0.87
————————————————————-

> Wall St pulls back slightly on growth concerns
> U.S. bonds gain slightly after strong 2-year auction
> Euro rises vs dollar but Greece saps momentum
> Gold stays near 3-week high on euro debt angst
> Oil rises 2 pct as Goldman boosts price forecast

Stocks and factors to watch:
— CAPITAMALLS ASIA
Shopping mall owner CapitaMalls Asia , a unit of
Singapore property developer CapitaLand , said it is
converting its China development fund to an income fund and
increasing the size by 50 percent to $900
million.[ID:nSNZ7sCXgZ]

— STARHUB
StarHub, Singapore’s second-biggest telecom firm, is
unlikely to follow larger rival Singapore Telecommunications
with a special dividend this year, its chief executive said on
Tuesday. [ID:nLDE74N1G7]

— FRASER AND NEAVE
Food, beverage and property conglomerate Fraser and Neave
said on Tuesday its hospitality arm Frasers Hospitality had
opened a residential building in China’s Suzhou Industrial Park.
[ID:nSNZ2Ld9xm]

— UNITED ENVIROTECH
Singapore-listed United Envirotech said on Tuesday its net
profit for the year ended March 31, 2011, rose 7.8 percent to
S$16 million ($12.8 million) from a year ago, helped by
contributions from its engineering and water treatment business.

— BENG KUANG MARINE
Beng Kuang Marine, which provides services to the marine
industry, said on Tuesday it had won contracts worth a total of
S$28.8 million to build four crane barges. [ID:nSNZDmnJL]

Singapore’s benchmark Straits Times Index edged
0.08 percent higher on Tuesday to 3,113.09 points.
The Dow Jones industrial average lost 0.20 percent
to finish at 12,356.21. The Standard & Poor’s 500 Index
retreated 0.08 percent to 1,316.28. The Nasdaq Composite Index
fell 0.46 percent to 2,746.16.

Adapted from Reuters

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Symbol Bid Ask Spread
EURUSD 1.17910 1.17930 2
GBPUSD 1.28270 1.28300 3
USDCAD 1.25300 1.25330 3
USDJPY 109.310 109.330 2
USDCHF 0.96450 0.96480 3
AUDUSD 0.78920 0.78950 3
NZDUSD 0.72110 0.72160 5
EURGBP 0.91910 0.91940 3
EURCHF 1.13740 1.13770 3
EURJPY 128.890 128.920 3
AUDJPY 86.270 86.320 5
GBPJPY 140.210 140.270 6
XAUUSD 1286.67 1287.07 40
XAGUSD 16.946 16.958 1.2