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Markets Mostly In The Green For The Month Of January
Singapore Market Commentary | 01 February 2013
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By: Louis Kent Lee
Articles (199) Profile

It seems like the movement of markets in January has been in anticipation of the earnings reporting season. Positive moves have been apparent of large across the global markets.

The Dow Jones Industrial Average (DJIA) continued making its run to test the 14,000 mark. Also, the Standard & Poors’ 500 have pushed through 1,500 points for the first time since December 2007. These moves have however been allayed as data reflecting the Gross Domestic Product fell in the fourth quarter. In a bid to counter the unemployment rate and spur the economy, the Federal Reserve said it will maintain its program of buying securities.

David Kelly, chief global strategist at JPMorgan Funds quipped that the underlying trend for the market is upward, but raised the concerns of weakness in the economic numbers which he thinks investors might not have fully factored in.

Moving the focus back home, Singapore attracted approximately $16 billion in fixed asset investments in 2012. The government is however expecting a lower investment commitments for 2013 (Approx $11 billion-$13 billion) in view of constraints such as manpower and land.

On the corporate front, Chaoren Sirivadhanabhakdi, Thailand’s richest man, has won the control of Fraser & Neave (F&N), as his $13.8 billion offer for the more than a century old property and beverage company was not further contested by Overseas Union Enterprise. The offer was also endorsed by F&N’s board. This effectively gives Charoren control over the company’s wide span of assets from soft drinks, to serviced apartments across South East Asia.

On the technical front, the Straits Times Index (STI) seems to be seeing positive advancements as it is still strongly above its 10-day and 20-day moving averages, coupled with its Relative Strength Index sloping upwards at the 70 region. An immediate resistance which many are hoping the STI to reach is the 3,315 level. Immediate support is at 3,260.

Louis is a qualified accountant with the ACCA, and is the Research Editor at Shares Investment magazine.

Please click here for more information about this author.

Fraser & Neave  1.690 -- --   
Business: [FY18 Turnover] Dairies (60%), beverages (25.4%), printing & publishing (14.6%).

Insight: Apr-19, 1H19 revenue inched 1.9% to $931.8m underp... Read More

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