Daily Archives: June 16, 2016

16Jun
sgx2

Singapore OCBC’s private bank unit exploring China onshore presence

SINGAPORE:

  • The private banking unit of Singapore’s second-biggest lender OCBC is exploring launching an onshore presence in China either with a domestic partner or on its own, its CEO told the Reuters Global Wealth Management Summit on Thursday.
  • Regional and global banks have been cautious about setting up a local private banking and wealth management presence in China due to regulatory restrictions and the nation’s relatively less developed capital market. But as the world’s second-biggest economy continues to open up, the banks are reassessing their plans.
  • Earlier this week, Standard Chartered Plc said at the Summit it will consider next year whether it should start an onshore private bank in China.
  • “We are looking to explore partnerships, joint ventures or any other mode in which we can bring our offshore expertise DEL to an onshore setup that already has a good client base,” said Bahren Shaari, CEO of Bank of Singapore.
  • “Whether we will set up our own Bank of Singapore entity is also something we are exploring,” he said. The CEO did not give a timeline for the plan.
  • OCBC already has an onshore presence in China with branches in major Chinese cities, while its subsidiary Wing Hang China has a strong presence in the Pearl river delta region in Guangdong province.

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16Jun
forex-trading3

IForex Market Trading Signals and News – 16 June 2016

INTERNATIONAL CURRENCY BUZZ :

  • Forex – Sterling hits day’s highs after UK jobs data as Brexit fears ebb
  • Forex – Euro edges higher as dollar eases ahead of Fed
  • Forex – Aussie, kiwi move higher ahead of Fed statement

EUR/USD
EUR/USD rose considerably on Wednesday after the Federal Reserve held short-term interest rates steady and lowered its rate path outlook for each of the next two years. The currency pair traded in a broad range between 1.1190 and 1.1299 before settling at 1.1264 at the close of U.S. afternoon trading, up 0.0043 or 0.50% on the session. With the sharp gains, the euro closed above 1.11 versus the dollar for the ninth consecutive session. More broadly, the euro is relatively flat against its American counterpart over the last month, down 0.39% during that span. EUR/USD likely gained support at 1.1055, the low from March 15 and was met with resistance at 1.1616, the high from May 3.

GBP/USD
Sterling rose to the day’s highs against the dollar on Wednesday as fears that the U.K. may vote to exit the European Union eased and after data showing that Britain’s unemployment rate fell, while pay growth rose in the three months to April. GBP/USD hit highs of 1.4215, pulling further away from the two-month trough of 1.4090 set on Tuesday. The pound regained ground as risk appetite recovered and investors turned their attention to the outcome of the Federal Reserve’s
meeting later in the day.The Fed was to conclude its two-day policy meeting later on Wednesday and investors were looking for fresh indications on whether the U.S. central bank still expects to raise interest rates twice this year.Sterling has weakened across the board in recent sessions after a number of opinion polls showed that the U.K.’s EU referendum race is tightening ahead of the June 23 vote.

RECOMMENDATION :

  • BUY GBP/USD AROUND 1.4090 TGT 1.4110 1.4140 SL 1.4060
  • SELL GBP/USD AROUND 1.4300-1.4298 TGT 1.4280 1.4250 SL 1.4330

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16Jun
sgx

Financial Sgx Singapore Stock Market Trading Picks And News – 16 June 2016

MARKET UPDATES :

  • The Straits Times Index (STI) ended 5.92 points or 0.21% higher to 2774.25, taking the year-to-date performance to -3.76%.
  • The top active stocks today were SingTel, which gained 0.26%, DBS, which gained 0.70%, UOB, which gained 0.17%, OCBC Bank, which gained 0.24% and Noble, with a 2.13% fall.
  • The FTSE ST Mid Cap Index declined 0.03%, while the FTSE ST Small Cap Index remained unchanged.
  • The outperforming sectors today were represented by the FTSE ST Oil & Gas Index, which rose 0.76%. The two biggest stocks of the Index – Keppel Corp and Sembcorp Industries – ended 1.32% higher and 0.71% higher respectively.
  • The underperforming sector was the FTSE ST Technology Index, which slipped 0.60%. Silverlake Axis shares declined 0.97% and CSE Global remained unchanged.
  • The three most active Exchange Traded Funds (ETFs) by value today were : SPDR Gold Shares (+0.09%), STI ETF (unchanged), DBXT MSCI Pakistan IM ETF 10 (+4.16%)
  • The three most active Real Estate Investment Trusts (REITs) by value were : Ascendas REIT (-0.86%), Capitamall Trust (-0.98%), Capitacom Trust (-0.36%)
  • The most active index warrants by value today were : HSI20600MBeCW160728 (unchanged), HSI21200UBeCW160929 (unchanged), HSI20400UBeCW160929 (-2.13%)
  • The most active stock warrants by value today were : DBS MB eCW161031 (+4.17%), UOB MB eCW161031 (+4.44%), DBS MB ePW161003 (-3.53%).

STOCK RECOMMENDATION :

  • BUY G INVACOM ABOVE 0.118 TGT 0.124 0.127 SL 0.112

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