MARKET UPDATES :
- THE Singapore economy performed slightly worse than expected in the third quarter of 2014, growing 2.4 per cent from a year ago, according to advance estimates released by the Ministry of Trade and Industry on Tuesday morning. This fell short of the 2.7 per cent median year-on-year growth forecast of 19 private-sector economists polled by Bloomberg prior to the data release, but kept pace with growth in Q2. After seasonal adjustments and on an annualised basis, the economy grew 1.2 per cent, a turnaround from the 0.1 per cent contraction in the previous quarter. This was better than the annualised 0.8 per cent median growth forecast of 12 market economists.
- Singapore’s DBS Group has hired Morgan Stanley to find a partner to sell life insurance products in Asia under a new deal, after its pact with Aviva ends in 2015, people with direct knowledge of the matter said. Singapore and Hong Kong – two of DBS’s strongest markets – are seen as profitable for insurers due to their status as Asia’s main wealth management centres and an ageing population.
- SINGAPORE shares ended lower on Tuesday with the benchmark Straits Times Index down 3.01 points to close at 3,199.14. Volume was 1.26 billion shares worth S$949.4 million. Losers outnumbered gainers 282 to 159.
- IN LINE with efforts to develop its e-commerce business, SingPost is spending S$182 million to set up an e Commerce Logistics Hub, which will be ready by the second half of 2016. Located in Tampines LogisPark, the three-storey, 553,000-sq ft facility will have a fully automated parcel-sorting facility and two warehousing floors.
- The chief executive of China International Capital Corp (CICC), Levin Zhu, the son of the country’s former premier Zhu Rongji, has resigned from his position, the firm said a statement on Tuesday. Zhu is credited with building up China’s first investment bank on the strength of his connections. CICC was established in 1995 as a joint venture between China Construction Bank Corp and Morgan Stanley. Morgan Stanley walked away from the joint venture after receiving approval for the sale of its stake in CICC in 2010. – Reuters
- CHINA’S exports jumped by double digits in September, but there was no burst of enthusiasm from analysts still concerned about the country’s anaemic domestic demand.
- While exports surged an impressive 15.3 per cent – up from August’s 9.4 per cent – imports too rose an encouraging 7 per cent, reversing two months of consecutive contraction, according to figures from the General Administration of Customs.
STOCK RECOMMENDATION :
- BUY CITY DEVELOPMENT LTD ABOVE 9.200 TG 9.280, 9.380, 9.500 SL 9.100