由技術分析定義得知，其主要內容有圖表解析與技術指標兩大類。事實上早期的技術分析只是單純的圖表解析，亦即透過市場行為所構成的圖表型態，來推測未來的股價變動趨勢。但因這種方法在實際運用上，易受個人主觀意識影響，而有不同的判斷。這也就是為什麼許多人戲稱圖表解析是一項藝術工作，九個人可能產生十種結論的原因。
為減少圖表判斷的主觀性，市場逐漸發展一些可運用數據計算的方式，來輔助個人對圖形型態的知覺與辨認，使分析更具客觀性。
從事技術分析時，有下述11項基本操作原則可供遵循：
1.股價的漲跌情況呈一種不規則的變化，但整個走勢卻有明顯的趨勢，也就是說，雖然在圖表上看不出第二天或下周的股價是漲是跌，但在整個長期的趨勢上，仍有明顯的軌跡可循。
2.一旦一種趨勢開始後，即難以制止或轉變。這個原則意指當一種股票呈現上漲或下跌趨勢後，不會於短期內產生一百八十度的轉彎，但須注意，這個原則是指純粹的市場心理而言，並不適用於重大利空或利多消息出現時。
3.除非有肯定的技術確認指標出現，否則應認為原來趨勢仍會持續發展。
4.未來的趨勢可由線本身推論出來。基於這個原則，我們可在線路圖上依整個頭部或底部的延伸線明確畫出往後行情可能發展的趨勢。
5.任何特定方向的主要趨勢經常遭反方向力量阻擋而改變，但1/3或2/3幅度的波動對整個延伸趨勢的預測影響不會太大。也就是說，假設個別股票在一段上漲幅度為三元的行情中，回檔一元甚至二元時，仍不應視為上漲趨勢已經反轉只要不超過2/3的幅度，仍應認為整個趨勢屬於上升行情中。
6.股價橫向發展數天甚至數周時，可能有效地抵消反方向的力量。這種持續橫向整理的形態有可辨認的特性。
7.趨勢線的背離現象伴隨線路的正式反轉而產生，但這並不具有必然性。換句話說，這個這個原則具有相當的可靠性，但並非沒有例外。
8.依據道氏理論的推斷，股價趨勢產生關鍵性變化之前，必然有可資辨認的形態出現。例如，頭肩頂出現時，行情可能反轉；頭肩底形成時，走勢會向上突破。
9.在線路產生變化的關鍵時刻，個別股票的成交量必定含有特定意義。例如，線路向上挺升的最初一段時間，成交量必定配合擴增；線路反轉時，成交量必定隨著萎縮。
10.市場上的強勢股票有可能有持續的優良表現，而弱勢股票的疲態也可能持續一段時間。我們不必從是否有主力介入的因素來探討這個問題，只從最單純的追漲心理即可印證此項原則。
11．在個別股票的日線圖或周線圖中，可清楚分辨出支撐區及抵抗區。這兩種區域可用來確認趨勢將持續發展或是完全反轉。假設線路已向上突破抵抗區，那麼股價可能繼續上揚，一旦向下突破支撐區，則股價可能再現低潮。
Wednesday, April 1, 2009
丽星邮轮(HK)08年亏损减少至7,951万美元
[世华财讯]丽星邮轮宣布，截至08年12月31日全年亏损减少至7,951万美元，每股亏损0.0107美元，公司不派末期息。
丽星邮轮(00678)4月1日发布公告称，截至08年12月31日止全年业绩，取得股东应占亏损7,951万美元，每股亏损0.0107美元，公司不派末期息。该公司07年同期取得亏损2.01亿美元。
Source
丽星邮轮(00678)4月1日发布公告称，截至08年12月31日止全年业绩，取得股东应占亏损7,951万美元，每股亏损0.0107美元，公司不派末期息。该公司07年同期取得亏损2.01亿美元。
Source
3 foreign investors interested in RP's 'mini-Las Vegas' complex
MANILA, Philippines - Three investors from South Korea, Europe, and the United States have expressed interest in helping build an entertainment complex on top of reclaimed land along Manila Bay, an official said.
All three companies have submitted their respective proposals to help construct a “total entertainment complex" called Bagong Nayong Pilipino-Manila Bay Integrated City, Efraim C.
Genuino, Chair and chief executive officer of the state-run Philippine Amusement and Gaming Corp. (Pagcor).
The project will be located on a 120 hectare property along Manila Bay.
Genuino declined to reveal the identities of the prospective investors, as the agency is still “investigating" them, a process that will last six months, he said.
Minimum cost of the project – to be considered as the Philippines’ Las Vegas – will reach $1 billion, consisting of both equity and debt.
Of this total project cost, at least 40 percent of the total project cost must be invested within a period of two years from site delivery for Pagcor-owned land or from the date of signing of the provisional license.
Investors are required to submit a concept for their investment, Genuino said, declining to identify the kind of businesses the three investors will engage in.
“Only three percent of the entire development is in gaming," Genuino said at the sidelines of the 4th Asia's Gaming and Entertainment + Lesiure Expo Manila (Asia's GEM) 2009 which opened in Manila on Wednesday.
“There will be lots of tourist attractions including sports arenas and a museum. All of [prospective investors] are global operators."
Investors will be announced within the year since the agency is already putting finishing touches in terms of concept and design, he said.
Based on the terms of reference, applicants must have the financial capability and a well-established experience in the hotel and gaming business.
Applicants who are principally financial investors are also welcome but will be required to engage qualified hotel and gaming operations entities whether organizations or individuals, who have the track record in organizing and operating world-class hotel and gaming projects.
Japan-based Aruze Corp., Malaysia’s Genting Berhad Group, and Sy-led SM Investments Corp., which secured approval to join the project, will develop at least 100 hectares of the reclaimed land.
Source
All three companies have submitted their respective proposals to help construct a “total entertainment complex" called Bagong Nayong Pilipino-Manila Bay Integrated City, Efraim C.
Genuino, Chair and chief executive officer of the state-run Philippine Amusement and Gaming Corp. (Pagcor).
The project will be located on a 120 hectare property along Manila Bay.
Genuino declined to reveal the identities of the prospective investors, as the agency is still “investigating" them, a process that will last six months, he said.
Minimum cost of the project – to be considered as the Philippines’ Las Vegas – will reach $1 billion, consisting of both equity and debt.
Of this total project cost, at least 40 percent of the total project cost must be invested within a period of two years from site delivery for Pagcor-owned land or from the date of signing of the provisional license.
Investors are required to submit a concept for their investment, Genuino said, declining to identify the kind of businesses the three investors will engage in.
“Only three percent of the entire development is in gaming," Genuino said at the sidelines of the 4th Asia's Gaming and Entertainment + Lesiure Expo Manila (Asia's GEM) 2009 which opened in Manila on Wednesday.
“There will be lots of tourist attractions including sports arenas and a museum. All of [prospective investors] are global operators."
Investors will be announced within the year since the agency is already putting finishing touches in terms of concept and design, he said.
Based on the terms of reference, applicants must have the financial capability and a well-established experience in the hotel and gaming business.
Applicants who are principally financial investors are also welcome but will be required to engage qualified hotel and gaming operations entities whether organizations or individuals, who have the track record in organizing and operating world-class hotel and gaming projects.
Japan-based Aruze Corp., Malaysia’s Genting Berhad Group, and Sy-led SM Investments Corp., which secured approval to join the project, will develop at least 100 hectares of the reclaimed land.
Source
Shares edge up 0.13%
The blue-chip Straits Times Index (STI) rose 2.27 points to 1,702.26 on volume of 822 million shares worth $755 million (US$496 million).
Gainers edged losers 196 to 174, with 835 issues unchanged.
Dealers said the STI would most likely head higher in the near term, but with concerns over the economy weighing on investor sentiment.
'We are inclined towards the view that there will be a sizeable rally due to the (low) interest rate environment engineered by the Federal Reserve,' said Phua Ming-weii, an analyst at Phillip Securities.
However, the analyst cautioned that the STI remained volatile, as 'markets very seldom move in a straight line'.
Singapore, a trade-dependent nation, is facing its worst recession in more than 40 years due to weakening global demand for its exports.
Banking shares closed mixed, with Oversea-Chinese Banking Corp easing four cents to $4.80, United Overseas Bank gaining eight cents to $9.80 and DBS remaining at $8.45.
Among property shares, CapitaLand edged up two cents to $2.35, City Developments ended four cents higher at $5.14 and Keppel Land closed up three cents at $1.48.
Singapore Airlines advanced 24 cents to $10.24 while Singapore Telecommunications was unchanged at $2.53.
Investment holding company Sembcorp Industries gained four cents to $2.39 and real estate developer Yanlord Land Group rose seven cents to $1.19.
Gainers edged losers 196 to 174, with 835 issues unchanged.
Dealers said the STI would most likely head higher in the near term, but with concerns over the economy weighing on investor sentiment.
'We are inclined towards the view that there will be a sizeable rally due to the (low) interest rate environment engineered by the Federal Reserve,' said Phua Ming-weii, an analyst at Phillip Securities.
However, the analyst cautioned that the STI remained volatile, as 'markets very seldom move in a straight line'.
Singapore, a trade-dependent nation, is facing its worst recession in more than 40 years due to weakening global demand for its exports.
Banking shares closed mixed, with Oversea-Chinese Banking Corp easing four cents to $4.80, United Overseas Bank gaining eight cents to $9.80 and DBS remaining at $8.45.
Among property shares, CapitaLand edged up two cents to $2.35, City Developments ended four cents higher at $5.14 and Keppel Land closed up three cents at $1.48.
Singapore Airlines advanced 24 cents to $10.24 while Singapore Telecommunications was unchanged at $2.53.
Investment holding company Sembcorp Industries gained four cents to $2.39 and real estate developer Yanlord Land Group rose seven cents to $1.19.
Tuesday, March 31, 2009
Genting Int'l plans name change at S'pore EGM
Genting International P.L.C. on Tuesday said it was planning to seek shareholders' approval to change its name to 'Genting Singapore PLC' at an Extraordinary General Meeting on April 24, 2009.
The company, which is developing the Resorts World at Sentosa, is also proposing the addition of the international sales and marketing agreement to the shareholders' mandate for interested person transactions, among others.
The company, which is developing the Resorts World at Sentosa, is also proposing the addition of the international sales and marketing agreement to the shareholders' mandate for interested person transactions, among others.
Shares close up 1.60%
SINGAPORE - Singapore shares closed 1.60 per cent higher on Tuesday as investors hunted for bargains following a steep fall the previous day, dealers said.
The blue-chip Straits Times Index rose 26.85 points to 1,699.99 on volume of 1.32 billion shares worth $1.24 billion (US$814 million).
Gainers led losers 246 to 161, with 862 issues unchanged.
Traders said local investors will be taking guidance from the US stock market in the days ahead.
'We need clearer direction from the US side before there's more confidence here,' said a trader from a local brokerage.
Banking shares were up. DBS gained 24 cents to $8.45, United Overseas Bank rose 12 cents to $9.72 and Oversea-Chinese Banking Corp edged up six cents to $4.84.
Property shares also gained. CapitaLand was up nine cents to $2.33, City Developments advanced 12 cents to $5.10 and Keppel Land closed four cents higher at $1.45.
Singapore Airlines was unchanged at $10.00 and Singapore Telecommunications edged up two cents to $2.53.
Motor vehicle firm Jardine Cycle and Carriage rose 64 cents to $11.84, and oil rig maker Keppel Corp gained five cents to $5.01.
The blue-chip Straits Times Index rose 26.85 points to 1,699.99 on volume of 1.32 billion shares worth $1.24 billion (US$814 million).
Gainers led losers 246 to 161, with 862 issues unchanged.
Traders said local investors will be taking guidance from the US stock market in the days ahead.
'We need clearer direction from the US side before there's more confidence here,' said a trader from a local brokerage.
Banking shares were up. DBS gained 24 cents to $8.45, United Overseas Bank rose 12 cents to $9.72 and Oversea-Chinese Banking Corp edged up six cents to $4.84.
Property shares also gained. CapitaLand was up nine cents to $2.33, City Developments advanced 12 cents to $5.10 and Keppel Land closed four cents higher at $1.45.
Singapore Airlines was unchanged at $10.00 and Singapore Telecommunications edged up two cents to $2.53.
Motor vehicle firm Jardine Cycle and Carriage rose 64 cents to $11.84, and oil rig maker Keppel Corp gained five cents to $5.01.
亚太股市周二涨跌互见
亚太股市周二涨跌互见，由于投资者在日本当前财年结束前锁定收益，东京股市今日走势振荡。金融类股下滑拖累日经指数收盘走低。该指数本财年累计下挫35%。
东京股市下跌，受投资者再度对美国汽车业问题感到担忧影响，Mitsui Sumitomo Insurance Group等金融股遭到抛售，因市场担心这些公司的资产负债情况会受到影响。周二也是日本当前财政年度的最后一天。日经指数收盘下跌126.55点，至8109.53点，跌幅1.5%。由于全球金融危机拖累股价，该指数自当前财政年度开始以来累计下跌了35%。包括东京证交所一部所有股票在内的东证指数下跌15.88点，至773.66点，跌幅2.0%。六月日经指数期货合约收盘下跌1%，至8120点。
香港股市收盘走高，中国建设银行股份有限公司(China Construction Bank Corp.)表示，主要海外投资者不准备大规模抛售公司股票。受此提振，中国几大国有银行的股票在香港市场强劲上扬，带动恒生指数在3月最后一个交易日走强。恒生指数涨119.69点，至13,576.02点，涨幅0.9%，盘中一度触及高点13,696.69点。尽管该指数3月份表现良好，但自年初以来仍累计下挫5.6%。成交额共计490.4亿港元，略低于较周一的515.3亿港元。
中国股市收盘走高，保险类股上扬，因政府有望采取措施支持保险业，这使市场扭转了早些时候由流动性担忧所造成的跌势。中国证券监督管理委员会(China Securities Regulatory Commission)之前公布了首次公开募股(IPO)并在创业板(Growth Enterprise Market)上市的管理办法，为在中国推出纳斯达克式的创业板市场做好了铺垫。上证综合指数收盘涨0.6%，至2373.21点，前市阶段一度跌至2299.16点。深证综合指数涨0.9%，至784.08点。
尽管股市在月末之际大幅振荡，但澳大利亚股市仍表现出一定弹性，基本摆脱了美国股市周一大幅下跌的影响。季度末买盘和针对Macquarie Communications Infrastructure Group的收购提议对大盘构成支撑。基准S&P/ASX 200指数收盘下跌了22.3点，至3582.1点，跌幅0.6%，成交量不大，早盘该指数曾一度下探3570.5低点。
新加坡股市收盘走高，受投资者逢低吸纳推动；不过股指未能悉数收复前一交易日失地，因投资者仍然对全球经济前景和金融业现状感到不安和担忧。海峡时报指数收盘涨26.85点，至1699.99点，涨幅1.6%。
东京股市下跌，受投资者再度对美国汽车业问题感到担忧影响，Mitsui Sumitomo Insurance Group等金融股遭到抛售，因市场担心这些公司的资产负债情况会受到影响。周二也是日本当前财政年度的最后一天。日经指数收盘下跌126.55点，至8109.53点，跌幅1.5%。由于全球金融危机拖累股价，该指数自当前财政年度开始以来累计下跌了35%。包括东京证交所一部所有股票在内的东证指数下跌15.88点，至773.66点，跌幅2.0%。六月日经指数期货合约收盘下跌1%，至8120点。
香港股市收盘走高，中国建设银行股份有限公司(China Construction Bank Corp.)表示，主要海外投资者不准备大规模抛售公司股票。受此提振，中国几大国有银行的股票在香港市场强劲上扬，带动恒生指数在3月最后一个交易日走强。恒生指数涨119.69点，至13,576.02点，涨幅0.9%，盘中一度触及高点13,696.69点。尽管该指数3月份表现良好，但自年初以来仍累计下挫5.6%。成交额共计490.4亿港元，略低于较周一的515.3亿港元。
中国股市收盘走高，保险类股上扬，因政府有望采取措施支持保险业，这使市场扭转了早些时候由流动性担忧所造成的跌势。中国证券监督管理委员会(China Securities Regulatory Commission)之前公布了首次公开募股(IPO)并在创业板(Growth Enterprise Market)上市的管理办法，为在中国推出纳斯达克式的创业板市场做好了铺垫。上证综合指数收盘涨0.6%，至2373.21点，前市阶段一度跌至2299.16点。深证综合指数涨0.9%，至784.08点。
尽管股市在月末之际大幅振荡，但澳大利亚股市仍表现出一定弹性，基本摆脱了美国股市周一大幅下跌的影响。季度末买盘和针对Macquarie Communications Infrastructure Group的收购提议对大盘构成支撑。基准S&P/ASX 200指数收盘下跌了22.3点，至3582.1点，跌幅0.6%，成交量不大，早盘该指数曾一度下探3570.5低点。
新加坡股市收盘走高，受投资者逢低吸纳推动；不过股指未能悉数收复前一交易日失地，因投资者仍然对全球经济前景和金融业现状感到不安和担忧。海峡时报指数收盘涨26.85点，至1699.99点，涨幅1.6%。
云顶渡过卖压再现活跃
云顶（Genting，3182，主板贸服股）交投今日又活跃起来。近日来分析员对这只股项给予守住评级，并指这只股项已渡过沉重的卖压期。 该股全日闭市报3.68令吉，下跌0.10令吉。
商业机器逆市而上 综合指数全日下跌16.09点或1.82%至869.34点，整体大市处于下滑格局。惟商业机器(Msniaga，5011，主板科技股）则逆市而上。 该股全日上升0.19令吉或15.70%，报1.40令吉。
大马机场全日挫7.89% 大马机场（Airport，5014，主板贸服股）全日挫跌0.21令吉或7.89%，以2.45令吉挂收。 该公司预测其旗下所有机场的搭客流量将会萎缩5％，所以今年的税前盈利估计只有5亿9100万令吉。
侨丰创投异军突起 侨丰创投（OSKVI，0053，自动报价股）今日异军突起， 取得23.21%或0.13令吉的涨幅，全日以0.69令吉挂收。公司早前宣布，将在下个月中召开的股东大会中，寻求股东有关公司回购股票的建议。
Source
商业机器逆市而上 综合指数全日下跌16.09点或1.82%至869.34点，整体大市处于下滑格局。惟商业机器(Msniaga，5011，主板科技股）则逆市而上。 该股全日上升0.19令吉或15.70%，报1.40令吉。
大马机场全日挫7.89% 大马机场（Airport，5014，主板贸服股）全日挫跌0.21令吉或7.89%，以2.45令吉挂收。 该公司预测其旗下所有机场的搭客流量将会萎缩5％，所以今年的税前盈利估计只有5亿9100万令吉。
侨丰创投异军突起 侨丰创投（OSKVI，0053，自动报价股）今日异军突起， 取得23.21%或0.13令吉的涨幅，全日以0.69令吉挂收。公司早前宣布，将在下个月中召开的股东大会中，寻求股东有关公司回购股票的建议。
Source
Monday, March 30, 2009
Shares close down 4.15%
SINGAPORE - Singapore shares closed 4.15 per cent lower on Monday as investors locked in profits from a recent rally while more concerns about the US automobile industry weighed on sentiment, dealers said.
The blue-chip Straits Times Index (STI) closed 72.52 points lower at 1,673.14 on volume of 1.06 billion shares worth $882 million (US$579 million US).
Losers outnumbered gainers 367 to 120, with 782 issues unchanged.
Ailing US auto makers General Motors and Chrysler were told by a White House task force Monday they had failed to lay out viable plans for them to receive government aid, a move that could shake up the nation's car industry.
Publication of the report followed news that GM chief executive Rick Wagoner has resigned.
'People are saying the US is prepared to let the automakers collapse. In terms of unemployment, it will have a huge impact on markets,' said an analyst at a local brokerage.
Banking shares performed poorly. United Overseas Bank slid 58 cents to $9.60, DBS fell 35 cents to $8.21 and Oversea-Chinese Banking Corp shed 17 cents to $4.78.
Among property shares, City Developments fell 33 cents to $4.98, CapitaLand retreated 18 cents to $2.24 and Keppel Land closed 10 cents lower at $1.41.
Singapore Airlines shed 18 cents to 10.00 and Singapore Telecommunications fell 11 cents to $2.51.
Marine engineering firm Sembcorp Marine eased 16 cents to $1.75 and beverage maker Fraser and Neave closed down 14 cents at $2.44.
The blue-chip Straits Times Index (STI) closed 72.52 points lower at 1,673.14 on volume of 1.06 billion shares worth $882 million (US$579 million US).
Losers outnumbered gainers 367 to 120, with 782 issues unchanged.
Ailing US auto makers General Motors and Chrysler were told by a White House task force Monday they had failed to lay out viable plans for them to receive government aid, a move that could shake up the nation's car industry.
Publication of the report followed news that GM chief executive Rick Wagoner has resigned.
'People are saying the US is prepared to let the automakers collapse. In terms of unemployment, it will have a huge impact on markets,' said an analyst at a local brokerage.
Banking shares performed poorly. United Overseas Bank slid 58 cents to $9.60, DBS fell 35 cents to $8.21 and Oversea-Chinese Banking Corp shed 17 cents to $4.78.
Among property shares, City Developments fell 33 cents to $4.98, CapitaLand retreated 18 cents to $2.24 and Keppel Land closed 10 cents lower at $1.41.
Singapore Airlines shed 18 cents to 10.00 and Singapore Telecommunications fell 11 cents to $2.51.
Marine engineering firm Sembcorp Marine eased 16 cents to $1.75 and beverage maker Fraser and Neave closed down 14 cents at $2.44.
亚太股市周一全线走低
亚太股市周一全线走低，因有报导称奥巴马政府迫使通用汽车(GM)首席执行长请辞、并建议对美国苦苦挣扎的汽车业以“迅速的、外科式的”方式使用破产法，投资者出于避险考虑抛出了手中股票。
东京股市创下2009年第三大点数跌幅，因市场对美国汽车生产商破产的担心再度升温推动美元兑日圆走软，受此影响，市场获利回吐操作增加。日经225指数收盘下跌390.89点，至8236.08点，跌幅4.5%。包括东京证交所一部所有股票的东证指数下跌34.99点，至789.54点，跌幅为4.2%。
香港股市大跌，因在建设银行(China Construction Bank)公布了弱于预期的2008年业绩之后，中资银行股遭遇获利回吐。恒生指数跌663.17点，至13,456.33点，跌幅4.7%，盘中在13,413.48-13,893.15点之间波动。成交额降至515.3亿港元，上周五为589亿港元。
中国股市收盘走低，受市场继在上周上涨后遭遇获利回吐、美国股市上周五下跌等因素拖累；由于两家大型资源类公司公布2008年收益出现严重下滑，钢铁及有色金属类股领跌。上证综合指数收盘跌0.7%，至2358.04点，回吐了上周的部分涨幅。该股指上周累计上涨4.1%。深证综合指数跌0.2%，至777.39点。
澳大利亚股市结束了连续五个交易日的涨势，盘中跌至三个交易日来低点，因美国政府发表的讲话凸现出美国汽车业岌岌可危的现状，从而对美国股指期货走势构成拖累。S&P/ASX 200指数收盘下跌67.9点，至3604.4点，跌幅1.9%，盘中曾一度跌至3592.8点。
新加坡股市本周开局人气消沉，投资者在美国汽车公司可能破产的消息传出之后变得惴惴不安，市场中避险情绪也出现升温。海峡时报指数收盘跌72.52点，至1673.14点，跌幅4.2%。367只股票下跌，120只股票上涨。成交量为11亿股，低于上周五的17亿股。
东京股市创下2009年第三大点数跌幅，因市场对美国汽车生产商破产的担心再度升温推动美元兑日圆走软，受此影响，市场获利回吐操作增加。日经225指数收盘下跌390.89点，至8236.08点，跌幅4.5%。包括东京证交所一部所有股票的东证指数下跌34.99点，至789.54点，跌幅为4.2%。
香港股市大跌，因在建设银行(China Construction Bank)公布了弱于预期的2008年业绩之后，中资银行股遭遇获利回吐。恒生指数跌663.17点，至13,456.33点，跌幅4.7%，盘中在13,413.48-13,893.15点之间波动。成交额降至515.3亿港元，上周五为589亿港元。
中国股市收盘走低，受市场继在上周上涨后遭遇获利回吐、美国股市上周五下跌等因素拖累；由于两家大型资源类公司公布2008年收益出现严重下滑，钢铁及有色金属类股领跌。上证综合指数收盘跌0.7%，至2358.04点，回吐了上周的部分涨幅。该股指上周累计上涨4.1%。深证综合指数跌0.2%，至777.39点。
澳大利亚股市结束了连续五个交易日的涨势，盘中跌至三个交易日来低点，因美国政府发表的讲话凸现出美国汽车业岌岌可危的现状，从而对美国股指期货走势构成拖累。S&P/ASX 200指数收盘下跌67.9点，至3604.4点，跌幅1.9%，盘中曾一度跌至3592.8点。
新加坡股市本周开局人气消沉，投资者在美国汽车公司可能破产的消息传出之后变得惴惴不安，市场中避险情绪也出现升温。海峡时报指数收盘跌72.52点，至1673.14点，跌幅4.2%。367只股票下跌，120只股票上涨。成交量为11亿股，低于上周五的17亿股。
Saturday, March 28, 2009
新加坡联合金属 拟三配一售附加股
新加坡联合金属（Unionmet）计划以每3股配1股的比例，发售2亿4542万股附加股（占现有股本的67％、扩大后股本的40％），每股售价2分。这些是可弃权附加股，而且没有包销商。
每股2分的发售价，比周一该股的最后交易价（4分）低50％。主要大股东（共持有17％股权）已承诺认购所配得的附加股，而且打算认购剩下的未获其他股东认购的附加股。
该公司将寻求其余股东批准豁免大股东提出全面收购献议，这是发售计划的先决条件之一。若全部获得认购，发售附加股计划将为公司筹得478万元资金，并全充作加强资本底子、支持业务开发以及扩充业务。
新加坡联合金属截至2月底第一季亏损增加19％至301万美元，营收猛跌49％至204万美元，每股亏损0.82美分，每股净资产值为9.11美分。
Source
每股2分的发售价，比周一该股的最后交易价（4分）低50％。主要大股东（共持有17％股权）已承诺认购所配得的附加股，而且打算认购剩下的未获其他股东认购的附加股。
该公司将寻求其余股东批准豁免大股东提出全面收购献议，这是发售计划的先决条件之一。若全部获得认购，发售附加股计划将为公司筹得478万元资金，并全充作加强资本底子、支持业务开发以及扩充业务。
新加坡联合金属截至2月底第一季亏损增加19％至301万美元，营收猛跌49％至204万美元，每股亏损0.82美分，每股净资产值为9.11美分。
Source
Brokers' Take
Shipping trustsOCBC INVESTMENT RESEARCH, March 26
THE container shipping industry faces a major supply-demand imbalance. According to AXS Alphaliner, outstanding orders for new ships account for about 47.6 per cent of the existing fleet. This translates to a 12.9 per cent per annum growth in the world fleet over the next three years.
With the global recession dampening demand, especially the US consumption story, we expect tough times ahead for the container industry.
Major operators, including shipping trust customers, have announced lay ups, vessel re-deliveries, and plans to attempt to delay order deliveries. About 1.1 million TEUs (twenty-foot equivalent units), or 8 per cent of the world's total container fleet, is currently idle. This broader reality can have a major impact on the trusts' cash flows - and consequently, on distributions to unitholders.
Charterer performance will be key in the coming months - if economic conditions continue to deteriorate, we could see charterers approaching the trust to renegotiate leases.
US-listed comparable, Danaos Corp (not rated), announced that it was suspending dividend payments to divert cash towards funding its new-building programme. It also delayed some deliveries. Back in Singapore, Rickmers Maritime (RMT) is contracted to acquire US$988 million worth of containerships over the next two years, with partial debt funding currently in place.
The manager has so far only said that it 'is exploring all options' to finance its order book, but this is not enough. The market needs more clarity on what RMT will do and whether it will (or can) follow the Danaos route of delaying deliveries or cutting dividends.
Unlike RMT, First Ship Lease Trust (FSLT) and Pacific Shipping Trust (PST) have no committed orders. Meanwhile, FSLT will retain about 20-25 per cent of cash income in Q1 2009 (versus a 100 per cent distribution payout previously) to prepay debt as a pre-emptive 'good faith' gesture to lenders eyeing debt covenants.
We believe that there is room for FSLT to lower payout further to a point where both unitholders and lenders are satisfied. In comparison, PST is only paying out about 50 per cent of cash income. An explicit debt repayment plan would also demonstrate FSLT's commitment to sustainability, in our view.
Still 'neutral' on the sector. While the Straits Times Index is down 4 per cent year-to-date, Singapore-listed shipping trusts are down 10 per cent for the year.
On average, the sector is trading at a 66 per cent discount to net asset value (NAV), but we are not quite ready to call this a 'value' opportunity. In our opinion, a re-rating of the sector depends on signs of an improving external environment and the trusts taking more aggressive action to remedy some fundamental concerns.Sector - NEUTRAL
S-shares agriculture sectorDMG & PARTNERS SECURITIES, March 26
FOR the first time since December 2002, China's consumer price index (CPI) slipped into negative.
China's inflation rate was at its 12-year peak of 8.7 per cent y-o-y in February 2008 due to shortages of grain and pork. But China's CPI fell 1.6 per cent y-o-y last month (food prices fell 1.9 per cent y-o-y). Grain prices rose 4.4 per cent y-o-y last month. We believe that this is due to the drought that hit China during Q1 2009.
We believe that if the current deflation in food prices continues in 2009, this will affect China's agriculture sector negatively, namely China Fishery and China XLX Fertiliser.
China Fishery
Aquatic product prices rose 3.3 per cent y-o-y in February, slower than January's 11.6 per cent rise. We believe that fish prices will remain stable in China due to continued demand. Alaskan pollock is the most common type of fish used in fast-food restaurants and as the global economy continues to worsen, we could see more people switching their diets to Alaskan pollock from other more expensive fishes.
We believe that China Fishery's FY2009 revenue will grow by 3 per cent to US$340 million from fishing. Management forecasts a total of 200,000 tonnes/annum of fish to be caught in FY2009 with an average selling price (ASP) of US$1,700/tonne.
Maintain 'buy' for China Fishery with a price target of $0.86 based on 3.9x FY2009 price earnings ratio.
China XLX Fertiliser
Prices for grain rose 4.4 per cent y-o-y in February and 3.9 per cent y-o-y in January. We believe that higher prices for grain were due to speculation of China's drought situation.
Management has indicated to us that the drought in Henan was not as bad as reports indicated and urea ASP remained constant at an average of 1,950 yuan/tonne (S$430/tonne) year-to-date.
If food prices continue to deflate in FY2009, this could negatively affect China XLX, because farmers will not purchase fertiliser due to cheaper food.
Currently, we are monitoring China XLX's urea and compound fertiliser sales. We are concerned that there may be an oversupply situation of fertiliser in China due to more capacity coming on stream. On the other hand, we believe that the government's 12.3 billion yuan expenditure in the agriculture sector is a tremendous step going forward.
We are currently reviewing our earnings for China XLX as we reassess its compound fertiliser profitability in FY2009.Sector - OVERWEIGHT
THE container shipping industry faces a major supply-demand imbalance. According to AXS Alphaliner, outstanding orders for new ships account for about 47.6 per cent of the existing fleet. This translates to a 12.9 per cent per annum growth in the world fleet over the next three years.
With the global recession dampening demand, especially the US consumption story, we expect tough times ahead for the container industry.
Major operators, including shipping trust customers, have announced lay ups, vessel re-deliveries, and plans to attempt to delay order deliveries. About 1.1 million TEUs (twenty-foot equivalent units), or 8 per cent of the world's total container fleet, is currently idle. This broader reality can have a major impact on the trusts' cash flows - and consequently, on distributions to unitholders.
Charterer performance will be key in the coming months - if economic conditions continue to deteriorate, we could see charterers approaching the trust to renegotiate leases.
US-listed comparable, Danaos Corp (not rated), announced that it was suspending dividend payments to divert cash towards funding its new-building programme. It also delayed some deliveries. Back in Singapore, Rickmers Maritime (RMT) is contracted to acquire US$988 million worth of containerships over the next two years, with partial debt funding currently in place.
The manager has so far only said that it 'is exploring all options' to finance its order book, but this is not enough. The market needs more clarity on what RMT will do and whether it will (or can) follow the Danaos route of delaying deliveries or cutting dividends.
Unlike RMT, First Ship Lease Trust (FSLT) and Pacific Shipping Trust (PST) have no committed orders. Meanwhile, FSLT will retain about 20-25 per cent of cash income in Q1 2009 (versus a 100 per cent distribution payout previously) to prepay debt as a pre-emptive 'good faith' gesture to lenders eyeing debt covenants.
We believe that there is room for FSLT to lower payout further to a point where both unitholders and lenders are satisfied. In comparison, PST is only paying out about 50 per cent of cash income. An explicit debt repayment plan would also demonstrate FSLT's commitment to sustainability, in our view.
Still 'neutral' on the sector. While the Straits Times Index is down 4 per cent year-to-date, Singapore-listed shipping trusts are down 10 per cent for the year.
On average, the sector is trading at a 66 per cent discount to net asset value (NAV), but we are not quite ready to call this a 'value' opportunity. In our opinion, a re-rating of the sector depends on signs of an improving external environment and the trusts taking more aggressive action to remedy some fundamental concerns.Sector - NEUTRAL
S-shares agriculture sectorDMG & PARTNERS SECURITIES, March 26
FOR the first time since December 2002, China's consumer price index (CPI) slipped into negative.
China's inflation rate was at its 12-year peak of 8.7 per cent y-o-y in February 2008 due to shortages of grain and pork. But China's CPI fell 1.6 per cent y-o-y last month (food prices fell 1.9 per cent y-o-y). Grain prices rose 4.4 per cent y-o-y last month. We believe that this is due to the drought that hit China during Q1 2009.
We believe that if the current deflation in food prices continues in 2009, this will affect China's agriculture sector negatively, namely China Fishery and China XLX Fertiliser.
China Fishery
Aquatic product prices rose 3.3 per cent y-o-y in February, slower than January's 11.6 per cent rise. We believe that fish prices will remain stable in China due to continued demand. Alaskan pollock is the most common type of fish used in fast-food restaurants and as the global economy continues to worsen, we could see more people switching their diets to Alaskan pollock from other more expensive fishes.
We believe that China Fishery's FY2009 revenue will grow by 3 per cent to US$340 million from fishing. Management forecasts a total of 200,000 tonnes/annum of fish to be caught in FY2009 with an average selling price (ASP) of US$1,700/tonne.
Maintain 'buy' for China Fishery with a price target of $0.86 based on 3.9x FY2009 price earnings ratio.
China XLX Fertiliser
Prices for grain rose 4.4 per cent y-o-y in February and 3.9 per cent y-o-y in January. We believe that higher prices for grain were due to speculation of China's drought situation.
Management has indicated to us that the drought in Henan was not as bad as reports indicated and urea ASP remained constant at an average of 1,950 yuan/tonne (S$430/tonne) year-to-date.
If food prices continue to deflate in FY2009, this could negatively affect China XLX, because farmers will not purchase fertiliser due to cheaper food.
Currently, we are monitoring China XLX's urea and compound fertiliser sales. We are concerned that there may be an oversupply situation of fertiliser in China due to more capacity coming on stream. On the other hand, we believe that the government's 12.3 billion yuan expenditure in the agriculture sector is a tremendous step going forward.
We are currently reviewing our earnings for China XLX as we reassess its compound fertiliser profitability in FY2009.Sector - OVERWEIGHT
Shares close weaker
SINGAPORE - Singapore shares closed 0.75 per cent lower on Friday as investors booked profits ahead of the weekend, dealers said.
The blue-chip Straits Times Index fell 13.13 points to 1,745.66.
Volume totalled 1.70 billion shares worth $1.08 billion (US$727 million). There were 211 rising issues, 218 losers and 830 even.
'It's to be expected that the market would give back some of its strong recent gains,' AmFraser's senior vice-president of equity sales Gabriel Gan was quoted as saying by Dow Jones Newswires.
'I think the pullback will be fairly mild and last maybe a couple of days, then I'm expecting the uptrend to resume.'
Among the banks, DBS fell 18 cents to $8.56, United Overseas Bank dropped 36 cents to $10.18 and Oversea-Chinese Banking Corp eased 12 cents to $4.95.
For the property firms, City Developments gained two cents to $5.31, CapitaLand added five cents to $2.42 and Keppel Land advanced two cents to $1.51.
Singapore Airlines slipped 12 cents to $10.18 and Singapore Telecommunications gained five cents to $2.62.
The blue-chip Straits Times Index fell 13.13 points to 1,745.66.
Volume totalled 1.70 billion shares worth $1.08 billion (US$727 million). There were 211 rising issues, 218 losers and 830 even.
'It's to be expected that the market would give back some of its strong recent gains,' AmFraser's senior vice-president of equity sales Gabriel Gan was quoted as saying by Dow Jones Newswires.
'I think the pullback will be fairly mild and last maybe a couple of days, then I'm expecting the uptrend to resume.'
Among the banks, DBS fell 18 cents to $8.56, United Overseas Bank dropped 36 cents to $10.18 and Oversea-Chinese Banking Corp eased 12 cents to $4.95.
For the property firms, City Developments gained two cents to $5.31, CapitaLand added five cents to $2.42 and Keppel Land advanced two cents to $1.51.
Singapore Airlines slipped 12 cents to $10.18 and Singapore Telecommunications gained five cents to $2.62.
Friday, March 27, 2009
Wall St hopes, window-dressing lift STI
The index surges 4% to 1,758.79, raising it from a 17% loss to a 0.7% gain so far this quarter
HOPES that Wall Street will continue to believe in an economic turnaround yesterday combined with hefty doses of quarter-ending window-dressing to propel the Straits Times Index up 67.11 points or about 4 per cent to 1,758.79. This has lifted the index from a steep 290-point or 17 per cent loss to a 12-point or 0.7 per cent gain so far this quarter.
Heavyweight index stocks were the main target, led by banks and property. Turnover excluding foreign currency issues amounted to 1.6 billion worth $1.4 billion, up from Wednesday's $988 million.
Providing the backdrop was a 3.6 per cent jump in Hong Kong's Hang Seng Index, which in turn was probably in response to expectations that the US market would buy into faint signs that its economy may be close to a bottom following a small uptick in the latest home sales and durable goods figures.
Counting in favour of this was a 60-point rise in the June futures contract on the Dow Jones Industrial Average; counting against it was a mixed opening across Europe in the late afternoon.
In the commodities segment, Olam International stood out with a 10-cent or 7.2 per cent rise to $1.48. Credit Suisse in a March 24 report rated the stock an 'outperform', saying that Olam is one of the best ways to play the structural agricultural commodity theme, given the company's robust business model and well-defined growth strategy. Credit Suisse has a $2.10 target price for Olam based on a discounted cash flow model.
Brokers reported clients attracted by the upward momentum now desperate to buy, driven by fear of being left out of what might turn out to be yet another bear market rally. 'A week ago, nobody was interested. Today, people are afraid of missing out, especially those who think the push might not last,' said a dealer.
Another noted that the market has been plagued by bad news for so long that the absence of fresh bad news - at least for the past few days - has enabled some buying momentum to get a grip. The near-term problem, however, is that there are no signs that earnings have bottomed yet, while longer-term it is not clear if the US's bank rescue plan will work.
Sceptics of the economic recovery theory, in the meantime, point to the timing of the run during the final two weeks of March, as suggesting that an absence of fresh bad news and the announcement of a new, supposedly attractive US bank rescue plan, were perhaps the cues that triggered hectic quarter-ending short-covering and window-dressing by funds that had taken a drubbing this year and are in serious need of padding their performance.
Whatever the case, the bounce of the past fortnight has taken the STI, from 1,456 on March 9, up 302 points or 21 per cent in three weeks.
Whether this continues would depend heavily on the success of US Treasury Secretary Timothy Geithner's newest bank bailout plan over which scepticism abounds.
An article titled 'Geithner's plan isn't money in the bank', which was co-authored by MIT economics professor Simon Johnson said that there are three reasons for concern over the plan for the government to partner the private sector in buying up bad bank assets:
HOPES that Wall Street will continue to believe in an economic turnaround yesterday combined with hefty doses of quarter-ending window-dressing to propel the Straits Times Index up 67.11 points or about 4 per cent to 1,758.79. This has lifted the index from a steep 290-point or 17 per cent loss to a 12-point or 0.7 per cent gain so far this quarter.
Heavyweight index stocks were the main target, led by banks and property. Turnover excluding foreign currency issues amounted to 1.6 billion worth $1.4 billion, up from Wednesday's $988 million.
Providing the backdrop was a 3.6 per cent jump in Hong Kong's Hang Seng Index, which in turn was probably in response to expectations that the US market would buy into faint signs that its economy may be close to a bottom following a small uptick in the latest home sales and durable goods figures.
Counting in favour of this was a 60-point rise in the June futures contract on the Dow Jones Industrial Average; counting against it was a mixed opening across Europe in the late afternoon.
In the commodities segment, Olam International stood out with a 10-cent or 7.2 per cent rise to $1.48. Credit Suisse in a March 24 report rated the stock an 'outperform', saying that Olam is one of the best ways to play the structural agricultural commodity theme, given the company's robust business model and well-defined growth strategy. Credit Suisse has a $2.10 target price for Olam based on a discounted cash flow model.
Brokers reported clients attracted by the upward momentum now desperate to buy, driven by fear of being left out of what might turn out to be yet another bear market rally. 'A week ago, nobody was interested. Today, people are afraid of missing out, especially those who think the push might not last,' said a dealer.
Another noted that the market has been plagued by bad news for so long that the absence of fresh bad news - at least for the past few days - has enabled some buying momentum to get a grip. The near-term problem, however, is that there are no signs that earnings have bottomed yet, while longer-term it is not clear if the US's bank rescue plan will work.
Sceptics of the economic recovery theory, in the meantime, point to the timing of the run during the final two weeks of March, as suggesting that an absence of fresh bad news and the announcement of a new, supposedly attractive US bank rescue plan, were perhaps the cues that triggered hectic quarter-ending short-covering and window-dressing by funds that had taken a drubbing this year and are in serious need of padding their performance.
Whatever the case, the bounce of the past fortnight has taken the STI, from 1,456 on March 9, up 302 points or 21 per cent in three weeks.
Whether this continues would depend heavily on the success of US Treasury Secretary Timothy Geithner's newest bank bailout plan over which scepticism abounds.
An article titled 'Geithner's plan isn't money in the bank', which was co-authored by MIT economics professor Simon Johnson said that there are three reasons for concern over the plan for the government to partner the private sector in buying up bad bank assets:
The public subsidy may not be enough because banks are carrying assets on their books at very high values.
Banks have an incentive to dump their worst assets first and because bidders know this, they may not bid at all.
The public may recoil at a plan which could see the private sector make theoretically riskless large returns and put pressure on the government.
Shares close 3.97% higher
SINGAPORE - Singapore shares rose 3.97 per cent on Thursday, cheered by strong performances in the US and regional stock markets, dealers said.
The blue-chip Straits Times Index (STI) gained 67.11 points to close at 1,758.79 on volume of 1.56 billion shares worth $1.41 billion (US$935 million).
Gainers outnumbered losers 364 to 117, with 778 issues unchanged.
The market brushed aside news that Singapore's manufacturing output fell 22.4 per cent in February from the previous year due to slumping global demand for pharmaceuticals and electronics products.
Travel arrivals for February declined 15.2 per cent from a year ago as the worldwide economic slump weighed on tourism, a major revenue earner for the small city-state.
Banking shares were up, with DBS gaining 32 cents to $8.74, United Overseas Bank rising 22 cents to $10.54 and Oversea-Chinese Banking Corp closing 20 cents up at $5.07.
Among property shares, CapitaLand advanced 17 cents to $2.37, City Developments rose 28 cents to $5.29 and Keppel Land edged up six cents to $1.49.
Singapore Airlines gained 28 cents to $10.30 and Singapore Telecommunications closed six cents higher at $2.57.
Motor vehicle firm Jardine Cycle and Carriage advanced $1.22 to $12.34 and beverage-maker Fraser and Neave rose 20 cents to $2.70.
The blue-chip Straits Times Index (STI) gained 67.11 points to close at 1,758.79 on volume of 1.56 billion shares worth $1.41 billion (US$935 million).
Gainers outnumbered losers 364 to 117, with 778 issues unchanged.
The market brushed aside news that Singapore's manufacturing output fell 22.4 per cent in February from the previous year due to slumping global demand for pharmaceuticals and electronics products.
Travel arrivals for February declined 15.2 per cent from a year ago as the worldwide economic slump weighed on tourism, a major revenue earner for the small city-state.
Banking shares were up, with DBS gaining 32 cents to $8.74, United Overseas Bank rising 22 cents to $10.54 and Oversea-Chinese Banking Corp closing 20 cents up at $5.07.
Among property shares, CapitaLand advanced 17 cents to $2.37, City Developments rose 28 cents to $5.29 and Keppel Land edged up six cents to $1.49.
Singapore Airlines gained 28 cents to $10.30 and Singapore Telecommunications closed six cents higher at $2.57.
Motor vehicle firm Jardine Cycle and Carriage advanced $1.22 to $12.34 and beverage-maker Fraser and Neave rose 20 cents to $2.70.
Wednesday, March 25, 2009
Triple Bottom (Reversal) ??
The triple bottom is a reversal pattern made up of three equal lows followed by a breakout above resistance. While this pattern can form over just a few months, it is usually a long-term pattern that covers many months. Because of its long-term nature, weekly charts can be best suited for analysis.
Tuesday, March 24, 2009
Wall Street soars 7 percent on bank plan debut
NEW YORK (Reuters) - Stocks surged around 7 percent on Monday after the Obama administration detailed a plan to purge toxic assets from bank balance sheets, fueling optimism about a revival in bank lending and driving double-digit gains in financial shares.
The S&P 500 and the Dow industrials posted their biggest one-day percentage gains since late October after Wall Street finally got what it was asking for: relief for the battered banking sector and more data suggesting the housing market could be on the mend.
The success of Treasury's plan hinges on private investment, so markets
were encouraged when several large investors, including Bill Gross of top bond fund Pimco, said they would participate in what has become a key part of the government's efforts to unlock credit markets and revitalize the recession-hit economy.
The KBW Bank index (Philadelphia:^BKX - News) posted its best one-day gain since at least 1993, driven higher by a 26 percent gain in Bank of America Corp (NYSE:BAC - News), a 25 percent advance in JPMorgan Chase & Co (NYSE:JPM - News) and a 20 percent gain in Citigroup Inc (NYSE:C - News).
"Even for a bear market rally this is explosive, and frankly it's jaw-dropping. This was a massive move that had three legs," said Peter Kenny, managing director at Knight Equity Markets in Jersey City, New Jersey.
Kenny cited three big factors driving the rally: the bank plan, its "benediction" by Pimco's Gross and traders reversing bets that stock prices would fall.
The Dow Jones industrial average (DJI:^DJI - News) jumped 497.48 points, or 6.84 percent, to 7,775.86 and the Standard & Poor's 500 Index (^SPX - News) surged 54.38 points, or 7.08 percent, to 822.92. The Nasdaq Composite Index (Nasdaq:^IXIC - News) spiked 98.50 points, or 6.76 percent, to 1,555.77.
The market capitalization of the Dow rose $167.4 billion, and the index is now up more than 10 percent on the month, nearly erasing a 12 percent fall in February.
While the removal of toxic assets from banks' balance sheets is seen as a crucial step in allowing banks to make new loans, it will also help bank shares, which are still down 30 percent year to date.
An unexpected rise in housing sales, seen as a key factor in spurring an economic recovery, also boosted sentiment. Data showed the pace of sales of existing homes in the United States rose 5.1 percent in February, the biggest increase since July 2003.
The housing data helped the Dow Jones index of home builders (DJI:^DJUSHB - News) rally nearly 15 percent, with shares of Lennar (NYSE:LEN - News) and Ryland Group (NYSE:RYL - News) up 20.4 percent and 17.6 percent respectively.
Even with the run-up, some analysts said the market had been due for a bounce given the damage incurred when stocks slid to 12-year lows earlier this month.
The benchmark S&P 500 index is up more than 20 percent from the bear market closing low set on March 9. The index on Monday closed above 800 for the first time since February 13.
The government's bank plan involves generous government financing to woo big investors to buy up toxic assets.
The Treasury Department will kick off the financing for its Public-Private Investment Program with $75 billion-$100 billion that will come from the $700 billion financial bailout fund approved by Congress last fall.
Oil shares on Monday were buoyed by a large merger deal in the energy sector and rising oil prices. Exxon Mobil (NYSE:XOM - News) jumped 6.7 percent at $70.53 and Chevron (NYSE:CVX - News) gained 6.9 percent to $69.15.
Canada's No. 2 oil company, Suncor Energy (Toronto:SU.TO - News), agreed to buy rival Petro-Canada (Toronto:PCA.TO - News) for about $14.9 billion to create Canada's largest oil company. Meanwhile, U.S. crude futures rose 3.3 percent or $1.73 to $53.80 a barrel.
On the earnings front, upscale jeweler Tiffany & Co (NYSE:TIF - News) jumped about 15.5 percent to $23.37 after reporting quarterly profit that beat expectations.
The S&P Retail index (Chicago Options:^RLX - News) rose nearly 6.42 percent.
And shares of Walgreen Co (NYSE:WAG - News) rose 9.4 percent to $26.58 after the drugstore chain posted better-than-expected profit.
Trading was active on the New York Stock Exchange, with about 1.91 billion shares changing hands, above last year's estimated daily average of 1.49 billion, while on Nasdaq, about 2.24 billion shares traded, below last year's daily average of 2.28 billion.
Advancing stocks outnumbered declining ones on the NYSE by 2863 to 259 while advancers beat decliners on the Nasdaq by about 2262 to 429.
Source
The S&P 500 and the Dow industrials posted their biggest one-day percentage gains since late October after Wall Street finally got what it was asking for: relief for the battered banking sector and more data suggesting the housing market could be on the mend.
The success of Treasury's plan hinges on private investment, so markets
were encouraged when several large investors, including Bill Gross of top bond fund Pimco, said they would participate in what has become a key part of the government's efforts to unlock credit markets and revitalize the recession-hit economy.
The KBW Bank index (Philadelphia:^BKX - News) posted its best one-day gain since at least 1993, driven higher by a 26 percent gain in Bank of America Corp (NYSE:BAC - News), a 25 percent advance in JPMorgan Chase & Co (NYSE:JPM - News) and a 20 percent gain in Citigroup Inc (NYSE:C - News).
"Even for a bear market rally this is explosive, and frankly it's jaw-dropping. This was a massive move that had three legs," said Peter Kenny, managing director at Knight Equity Markets in Jersey City, New Jersey.
Kenny cited three big factors driving the rally: the bank plan, its "benediction" by Pimco's Gross and traders reversing bets that stock prices would fall.
The Dow Jones industrial average (DJI:^DJI - News) jumped 497.48 points, or 6.84 percent, to 7,775.86 and the Standard & Poor's 500 Index (^SPX - News) surged 54.38 points, or 7.08 percent, to 822.92. The Nasdaq Composite Index (Nasdaq:^IXIC - News) spiked 98.50 points, or 6.76 percent, to 1,555.77.
The market capitalization of the Dow rose $167.4 billion, and the index is now up more than 10 percent on the month, nearly erasing a 12 percent fall in February.
While the removal of toxic assets from banks' balance sheets is seen as a crucial step in allowing banks to make new loans, it will also help bank shares, which are still down 30 percent year to date.
An unexpected rise in housing sales, seen as a key factor in spurring an economic recovery, also boosted sentiment. Data showed the pace of sales of existing homes in the United States rose 5.1 percent in February, the biggest increase since July 2003.
The housing data helped the Dow Jones index of home builders (DJI:^DJUSHB - News) rally nearly 15 percent, with shares of Lennar (NYSE:LEN - News) and Ryland Group (NYSE:RYL - News) up 20.4 percent and 17.6 percent respectively.
Even with the run-up, some analysts said the market had been due for a bounce given the damage incurred when stocks slid to 12-year lows earlier this month.
The benchmark S&P 500 index is up more than 20 percent from the bear market closing low set on March 9. The index on Monday closed above 800 for the first time since February 13.
The government's bank plan involves generous government financing to woo big investors to buy up toxic assets.
The Treasury Department will kick off the financing for its Public-Private Investment Program with $75 billion-$100 billion that will come from the $700 billion financial bailout fund approved by Congress last fall.
Oil shares on Monday were buoyed by a large merger deal in the energy sector and rising oil prices. Exxon Mobil (NYSE:XOM - News) jumped 6.7 percent at $70.53 and Chevron (NYSE:CVX - News) gained 6.9 percent to $69.15.
Canada's No. 2 oil company, Suncor Energy (Toronto:SU.TO - News), agreed to buy rival Petro-Canada (Toronto:PCA.TO - News) for about $14.9 billion to create Canada's largest oil company. Meanwhile, U.S. crude futures rose 3.3 percent or $1.73 to $53.80 a barrel.
On the earnings front, upscale jeweler Tiffany & Co (NYSE:TIF - News) jumped about 15.5 percent to $23.37 after reporting quarterly profit that beat expectations.
The S&P Retail index (Chicago Options:^RLX - News) rose nearly 6.42 percent.
And shares of Walgreen Co (NYSE:WAG - News) rose 9.4 percent to $26.58 after the drugstore chain posted better-than-expected profit.
Trading was active on the New York Stock Exchange, with about 1.91 billion shares changing hands, above last year's estimated daily average of 1.49 billion, while on Nasdaq, about 2.24 billion shares traded, below last year's daily average of 2.28 billion.
Advancing stocks outnumbered declining ones on the NYSE by 2863 to 259 while advancers beat decliners on the Nasdaq by about 2262 to 429.
Source
Friday, March 20, 2009
阿里巴巴国内市场收入猛增
国内最大的B2B网站阿里巴巴昨日公布2008年度全年业绩，公司在国内市场的营收较去年增长78％，大大超过其国际市场发展速度。财报显示，2008年阿里巴巴的中国交易市场的营业收入为人民币10.94亿元，较2007年增长78％，主要是由于“中国诚信通”付费会员及增值服务销售额增加。
截至到2008年底，阿里巴巴的中国交易市场拥有37万名“中国诚信通”会员。而同期的国际交易市场营收业绩就相形见绌，2008年度阿里巴巴国际交易市场营收19.07亿元，较2007年增长23％，其中包括了阿里软件的小部分贡献。由此在2008年，阿里巴巴的中国交易市场占总收入的比重由2007年的28％迅速上升至36％。
阿里巴巴公司管理层判断，中国的出口负增长在接下来的几个月仍会持续；国内市场面对全球经济下滑也难以独善其身，4万亿刺激经济方案及其他财政刺激方案很多都是通过基础设施建设投资，对公司的目标客户即中小企业产生的影响可能不是立竿见影的。不过，阿里巴巴表示希望通过发展注册用户、增值业务销售以及成本控制来应对。
Source
截至到2008年底，阿里巴巴的中国交易市场拥有37万名“中国诚信通”会员。而同期的国际交易市场营收业绩就相形见绌，2008年度阿里巴巴国际交易市场营收19.07亿元，较2007年增长23％，其中包括了阿里软件的小部分贡献。由此在2008年，阿里巴巴的中国交易市场占总收入的比重由2007年的28％迅速上升至36％。
阿里巴巴公司管理层判断，中国的出口负增长在接下来的几个月仍会持续；国内市场面对全球经济下滑也难以独善其身，4万亿刺激经济方案及其他财政刺激方案很多都是通过基础设施建设投资，对公司的目标客户即中小企业产生的影响可能不是立竿见影的。不过，阿里巴巴表示希望通过发展注册用户、增值业务销售以及成本控制来应对。
Source
Thursday, March 19, 2009
宏威科技Anwell Technologies 目标价：18分
它去年第四季度的营收下跌28.3%，亏损也因客户需求减少及厂房使用率偏低，加上较高的融资成本和行政支出，而扩大到8940万港元（1770新元）。它如今要扭转业务，唯一的方法是依靠其太阳能业务，毕竟它已经投资太多资源在这方面。
考虑到它进军太阳能业务所付出的巨额支出，德意志摩根建富证券研究认为它当前的有机发光二极管（OLED）以及光学媒体业务不足以使它走出困境。
它已经从中国政府获得2亿元人民币（4494万新元）的补助金，以支持它进军有机发光二极管和太阳能业务，而且它将会获得另外1亿元人民币（2247万新元）。这些特殊项目将能使它的净收入好转。要是剔除这些特殊项目，它预料接下来两年还会蒙受亏损。
考虑到它的低估值但恶化中的基本面，德意志摩根建富证券首次给予它“中性”评级，并把它的目标价从原本的16分提高到18分，相等于同行平均的30%股价对账面值比率的一半。
宏威科技昨日没有任何交易，本周一是最后有成交的日子，当日收报21分。
德意志摩根建富证券研究
DMG & Partners Securities
考虑到它进军太阳能业务所付出的巨额支出，德意志摩根建富证券研究认为它当前的有机发光二极管（OLED）以及光学媒体业务不足以使它走出困境。
它已经从中国政府获得2亿元人民币（4494万新元）的补助金，以支持它进军有机发光二极管和太阳能业务，而且它将会获得另外1亿元人民币（2247万新元）。这些特殊项目将能使它的净收入好转。要是剔除这些特殊项目，它预料接下来两年还会蒙受亏损。
考虑到它的低估值但恶化中的基本面，德意志摩根建富证券首次给予它“中性”评级，并把它的目标价从原本的16分提高到18分，相等于同行平均的30%股价对账面值比率的一半。
宏威科技昨日没有任何交易，本周一是最后有成交的日子，当日收报21分。
德意志摩根建富证券研究
DMG & Partners Securities
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