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Singapore stocks up by end of morning trade but gains for rest of session may be limited as investors await more earnings announcements. STI +0.6% at 2,944.95 midday; immediate resistance at 2,959 (May 4 high), says Dow Jones.
Gainers outnumber decliners almost 3 to 1 in broad market. “The strong GDP upgrade by MTI could prompt analysts to raise earnings (estimates) as we approach the 2Q earnings season,” says UOB KayHian Singapore research head Andrew Chow; “looking beyond the near-term boost from the 2010 GDP upgrade, we think investors should focus on the 2011 outlook, which remains fluid.”
Notes sustainable upturn in equity markets still hinges on volatility measures returning to historical averages, “In addition, more convincing datapoints on global recovery are needed before equities could enjoy a sustainable re-rating.”
Cyclical stocks best performers among blue chips, with DBS (D05.SG) +1.9% at $14.80, NOL (N03.SG) +1.5% at $2.03, CapitaLand (C31.SG) +1.4% at $3.76.
Gainers outnumber decliners almost 3 to 1 in broad market. “The strong GDP upgrade by MTI could prompt analysts to raise earnings (estimates) as we approach the 2Q earnings season,” says UOB KayHian Singapore research head Andrew Chow; “looking beyond the near-term boost from the 2010 GDP upgrade, we think investors should focus on the 2011 outlook, which remains fluid.”
Notes sustainable upturn in equity markets still hinges on volatility measures returning to historical averages, “In addition, more convincing datapoints on global recovery are needed before equities could enjoy a sustainable re-rating.”
Cyclical stocks best performers among blue chips, with DBS (D05.SG) +1.9% at $14.80, NOL (N03.SG) +1.5% at $2.03, CapitaLand (C31.SG) +1.4% at $3.76.
