MARKET UPDATES :
- SINGAPORE share prices closed higher on Monday with the Straits Times Index up 13.32 points to 3,181.05. Volume was 1.07 billion shares worth S$1.04 billion. Gainers outnumbered losers 243 to 173.
- Hong Kong shares finished slightly higher on Monday, underpinned by positive US economic data and in line with regional bourses, but investors stayed cautious due to recent volatility. The Hang Seng Index closed up 0.2 per cent at 23,070.26 points. The China Enterprises Index of the leading offshore Chinese listings in Hong Kong rose 0.6 percent. Top index boost China Overseas Land & Investment gained 1.7 per cent and China Resources Land rose 0.9 per cent. Casino shares continued their rise from Friday after Sands China posted solid quarterly earnings. Sands China rose 0.9 per cent and Galaxy Entertainment was up 1.1 per cent. REUTERS
- CONSUMERS are generally satisfied with telecom services in Singapore, but service providers here were urged by the Infocomm Development Authority of Singapore (IDA) on Monday to continue focusing on customer engagement and service. The Consumer Awareness and Satisfaction Survey (CASS) commissioned by the IDA said all telco services scored above 3.5 out of a perfect score of 5 (denoting “very satisified”) for the three factors of quality of service, price competitiveness of the service offerings and variety of services. The survey, which covered 1,500 respondents interviewed door-to-door between December 2013 and March 2014, found consumers to be very aware of the terms of telecom services, which would help them avoid incurring unnecessary fees and charges.
- DOMESTIC pass-through price pressures have pushed up both the headline inflation rate (CPI-All Item) and core inflation rate expectations for the first time since September 2012.The one-year-ahead inflation expectations of Singapore households has inched up to 3.73 per cent, going by the research findings of the latest quarterly survey for Singapore Index of Inflation Expectations (SInDEx) by the Singapore Management University (SMU). In June 2014, the one-year-ahead headline inflation was 3.66 per cent.
- OCBC Investment Research maintains its “sell” rating on Tiger Airways Holdings, lowering its fair-value estimate to 21 Singapore cents, from 35 Singapore cents previously. Last week, Tigerair announced a proposal to undertake an 85-for-100 rights issue to raise gross proceeds of up to S$234 million at S$0.20 per rights share. SIA has undertaken to subscribe for its pro-rata entitlement as well as excess rights shares up to total of S$140 million. SIA also announced that it will convert all its perpetual convertible capital securities (PCCS) holdings into shares prior to the rights issue, raising its stake in Tigerair from 40 per cent to approximately 55 per cent.
STOCK RECOMMENDATION :
- BUY CITY DEVELOPMENT LTD ABOVE 18.000 TG 18.100, 18.230, 18.300 SL 17.850