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The Dow continues to rise but Apple weighs on Nasdaq | | M | | From: NetResearch Asia [mailto:postman@netresearch-asia.com] Sent: Thursday, September 12, 20 Subject: The Dow continues to rise but Apple weighs on Nasdaq Pre-Market Open Commentary for 12 September 2013 ( CO. REG. NO. 199904258C ) DJIA: 15326.6 +135.54 Nasdaq Composite: 3725.01 -4.01 Good morning, fellow investors It was a fairly good day on Wall Street overnight with the Dow Jones Composite rising another triple digits but there is concern this could skittle next week after the Fed meeting on interest rates and whether it will ease on its bond-buying program. The Nasdaq Composite, however, was dragged into the red by Apple, amongst others. Reaction to the launch of the new iPhone 5S and in particular 5C has been critical and harsh, mainly that the upgrades were not as revolutionary as hoped and that the 5C, if targeted at the mass market, is not priced to attract this at all. Also, a much anticipated deal with China Mobile was not announced. Instead, a press conference in China also unveiled the new models as well as announced that China's Telecom Equipment Certification Center gave Apple the final license necessary for the iPhone to run on the network of China Mobile Ltd, the world's largest wireless operator. In economic news, wholesale inventories rose by 0.1% in July, according to the Commerce Department. Though this was lower than expected, it was still the first gain in four months. Crude futures edged upwards as well. Crude for October delivery rose US17 cents to US$107.56 per barrel. In Singapore today: Profit taking across Asia limited most of yesterday's gains. Though worries about a military strike on Syria have eased, sluggish economic growth may figure to be an eventual concern. At closing, the STI index traded 15.7 points down at 3108.10 points, off the session's high of 3136.53 points. For every stock that fell about 1.6 rose with the actives list dominated by penny caps. Turnover was 3.5bil shares with a value of $1.3bil traded. Expect a bounce this morning on the back of Wall Street's gains though this will likely be tempered again with some profit taking. The lack of fresh positive factors coupled with news of tepid property sales will continue to weigh on sentiment. Today's headlines that the MAS has announced measures to clamp down on unsecured lending will not be a major factor given that unsecured credit from credit cards is only about 2 per cent of total system debt. Part 1 of our report on Healthcare in Singapore is on the site today. Do sign up for our free seminar on September 28 featuring Kevin Scully's stock picks and insights from the Chairmen of three listed companies. Chinese shipbuilding stocks had some interests fuelled by recent broker reports suggesting that the `stage was set for a cyclical upturn in the shipbuilding sector'. Noteworthy too is the Baltic dry index that has almost doubled from a low of about 801 in June this year and is now trading at a 52-week high. The recovery has paced recent Chinese iron ore data that sees noteworthy gains due to a depletion of inventory. Shares of Yangzijiang, JES and Cosco Corp rose between 0.5 and 4.5 cents while Mercator rose 7 percent at 13 cents. Elsewhere, shares of Ezra, DairyFarm, Fortune Reit, Asiasons, Loyz Energy, Genting SP, KepLand, Wing Tai, M1, Vard, Triyards, HiapTong and OKH Global rose between 2.5 and 20.5 cents. On the balance, shares of Jardine Matheson, Jardine Strategic, Jardine C&C, DBS, SGX, ARA, Ossia, AscottReit, Halcyon, Pac Cent, Frasers Comm, Rex Intl, A-Sonic, Ocean Sky, Rowsley, AP Strat and Mirach eased between 1 cent and $1.02. | |
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