Singapore stocks remain in demand amid Asia-wide advance, pushing STI +1.1% at 3,165.51 midday, says Dow Jones.
Immediate resistance for index at 3,184 (high at June 6, 2008). “We think that interest in equities can continue, in anticipation of the 3Q reporting season, and the launch of the 19 overseas ADRs,” says DBS Vickers.
ADRs of 19 major Asian companies, including Baidu, Aluminum Corp. of China, PetroChina, will be available for trading in Singapore from Oct. 22. Genting Singapore (G13.SG) +4.0% at $2.08 on robust volume, retracing part of steep losses over last 2 weeks prompted by CEO’s sale of some shares in open market.
Chinese shipbuilders also firm on hopes for increased orders following China’s plan for U$5 billion fund to help Greek shipping companies buy Chinese vessels. Cosco (F83.SG) +2.8% at $1.86, JES International (EG0.SG) +8.6% at $0.380, Yangzijiang (BS6.SG) +1.7% at $1.81.