MARKET UPDATES :
- SINGAPORE Exchange (SGX) is adding new Asian foreign exchange (FX) futures contracts to augment its suite of FX offerings which will be available for trading from Oct 20. The new contracts – Chinese yuan (USD/CNH and USD/CNY), Japanese yen (USD/JPY)and Thai Baht (THB/USD) – are in line with the G-20 recommendation to encourage trading of derivatives on exchanges or electronic platforms, said SGX in a statement. FX, as an asset class, is highly complementary to SGX’s equities and commodities franchise. The enhanced FX suite widens the window for even more investors to tap on the growth opportunities across major Asian markets and manage their currency.
- SINGAPORE shares end 0.24 per cent higher on Friday.The Straits Times Index closed up 7.76 points at 3,305.05. Some 1.75 billion shares valued at S$1.2 billion changed hands. Gainers beat losers 266 to 198.
- Singapore will be counting on its marquee Formula One race to help make up for a 30 per cent drop in Chinese tourists this year The three-day event, including the night street race, clocks more than S$100 million (US$80 million) in tourism receipts and opens a window on the country for a global television audience. Tourist arrivals dropped nearly 3 per cent in the first half of this year – the first such decline since the casinos opened in 2010.
- The British pound rose sharply after the Scottish independence vote indicated Scotland would remain in the United Kingdom, while Wall Street’s overnight gains and Alibaba Group’s red-hot initial public offering underpinned Asian shares. The cheer was expected to spread to European bourses, where financial spreadbetters predicted Britain’s FTSE 100 would open up by 78-79 points, or 1.2 per cent; Germany’s DAX was seen opening 70-72 points, or 0.7 per cent higher; and France’s CAC 40 was expected to rise by 13-14 points, or 0.3 per cent.
- LOYZ Energy said it was served a writ of summons by Advance Capital Partners Pte Ltd claiming that the firm had failed to repay a S$4 million loan. Having sought legal advice on the alleged claim, Loyz Energy said it was “without merit” and intends to “vigorously defend” itself. The writ of summons is not expected to have any material impact on the oil and gas exploration firm’s financial position for the current financial year ending June 30, 2015. Its shares fell 0.6 Singapore cent or 3 per cent to 19.3 Singapore cents in early morning trade on Friday.
STOCK RECOMMENDATION :
- BUY JARDINE STRATEGIC HOLDING ABOVE 36.300 TG 36.500, 36.800, 37.200 SL 36.050