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Straits Times 3,183.00 -20.93 -0.65%
Hang Seng 26,790.24 -334.31 -1.23%
Dow Jones 27,110.80 +33.98 +0.13%
Shanghai Composite 2,978.12 -52.64 -1.74%
Singapore Daily Bulletin – 17/09/09
Daily Bulletin | 17 September 2009
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STI Rallies On Renewed Hopes Of Economic Recovery
The STI rallied yesterday on better than expected retail sales data in the US and words from US Fed Chairman Bernanke that the recession was likely over further boosted investor appetite for riskier assets. Like most Asian bourses such as Hong Kong’s HSI which rose 2.6%, the benchmark index remained in the positive territory for most of the day before finishing up 1.4% at 2,674.42. Volume was healthy with 2.7b shares changing hands compared with 2.1b on Tuesday. The rally was mostly spread across the board with banks, commodity stocks and rig builders closing higher. Pressure on property shares also eased off after two losing sessions due to government moves to cool the housing market.

Fresh Economic Optimism Continues To Stoke Wall St Rally
US stocks rose for a 3rd day on Wednesday, hitting fresh highs for the year in a broad-based rally fueled by fresh economic data suggesting a stronger-than-expected global recovery. The US industrial output advanced for a second consecutive month in August, while a government report showed a bigger-than-expected drop in crude oil inventories last week, indicating higher demand. The dollar, which fell near one-year lows, together with rising oil price,  also brought out buying interests in energy and manufacturing stocks. Adding to the positive tone was signs of a pick up in M&A activities after Adobe Systems bid US$1.8b in cash to buy up Omniture, whose software analyses internet traffic. The S&P 500 climbed 1.5% to 1,068.76, closing at its highest level since October. The Dow was up 1.1% at 9,791.71, while the Nasdaq rose 1.5% to 2,133.15.

Great Group Launches Mainboard IPO
China-based undergarments manufacturer Great Group Hldgs has launched an IPO for a listing on SGX Mainboard. 80m shares comprising 2m shares for public offer and 78m shares for placement, will be offered at $0.295 each and they constituted 30.19% of the company’s enlarged share capital. The company aims to raise $15.8m in net proceeds, of which $8m will be used for construction of new premises at the Jiangnan High-Tech Information Industrial Zone in Fujian province, where its business and production operations will be consolidated. Company chairman and CEO, William Weng commented Great Group’s business outlook remains favourable because of the growing demand for undergarments, and childern’s and infant’s apparel contract manufacturing services offered in China. For FY08, the company’s net profit jumped 25.3% to Rmb70.8m on the back of a 52.8% surge in revenue to Rmb400.8m, thanks to higher sales from its contract manufacturing products.

PCRD Drops Last Appeal To End Privatisation Saga
Pacific Century Regional Developments (PCRD) has decided to drop its last appeal against an earlier ruling of the court which decided in favour of the Securities and Futures Commission, which claimed that the company’s shareholder vote approving the buyout offer of PCCW – Hong Kong’s leading telecommunications company – appeared to have been rigged. ‘The Board continues to believe the case for appeal is strong, ‘ PCRD said in the statement. ‘But the reality of many further months of distraction resulting from proceeding with an appeal needs to be measured against the desire to focus on other business opportunities.’

Noble Group In Talks To Sell Major Stake
Commodity supplier Noble Group has said in a regulatory filing that it is engaged in detailed negotiations with an unidentified investor on the sale of a major stake in the $7.8b company. However, it cautioned that these discussions may or may not lead to the eventual purchase. Reuters quoted an analyst from Nomura International as saying that ‘this could be part of Noble founder Richard Elman’s succession planning. Elman is aged 69. It makes sense for the major shareholder to reduce his stake and consider an appropriate succession plan given his age.’

Pacific Century Regional Developments  0.335 -- --   
Business: Co provides business management and consultancy services.

Insight: May-18, 1Q18 revenue declined marginally by 2.4% t... Read More

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