Warrants Highlight

What are STI Warrant Investors Buying?

Singapore Market Wrap

Slight Optimism as China Slows

Yesterday's official figures showed that Chinese March imports and exports slowed, prompting investors to speculate that the government may take more urgent steps in boosting its economy. Shanghai composite index fell almost 1.2% intraday before staging a rebound and closed 0.9% higher. Locally, our STI rose 0.8% day-on-day (dod) to 2,982.44.

June Call STI 3000MBeCW120629 (P8BW) exercise level 3,000.*
June Put STI 2900MBePW120629 (P8CW) exercise level 2,900.*

Longer dated Call STI 3100MBeCW130131@ (PA7W) exercise level 3,100.*
Longer dated Put STI 2800MBePW130131@ (PA8W) exercise level 2,800.*

UOB outperforms peers
Being one of the top gainers in STI, UOB (+1.8% dod, $18.43) was the best performing banking stock in Singapore yesterday. It outperformed rivals DBS (-0.1% dod, $13.26) and OCBC (+0.3% dod, $8.78). UOB has gained 20.7% in 2012.

Call UOB MB eCW120702 (P0XW) exercise price $17.80.*
Call UOB MB eCW130103 (MW0W) exercise price $19.397.*

Call DBS MB eCW120802 (P1CW) exercise price $12.70.*
Call DBS MB eCW120702 (P0VW) exercise price $13.90.*
Put DBS MB ePW120718 (P2NW) exercise price $12.80.*

Call OCBC Bk MBeCW120802 (P1VW) exercise price $9.00.*
Put OCBC Bk MBePW120718 (P2OW) exercise price $8.40.*

SGX ends losing streak
SGX staged a 0.9% rebound yesterday to close at $6.74, halting its 3-day slide. On Monday, SGX proposed a list of trading rules changes, aiming to create a better control framework as the region moves towards Asean Trading Link. SGX will be imposing stricter controls on foreign brokers and investors

Call SGX MB eCW120802 (P2BW) exercise price $7.50.*
Long Dated Call SGX MB eCW130603 (L1AW) exercise price $9.50.*

Overnight Market Wrap

Spanish Bond Yields Rose Again

S&P500 fell for the fifth consecutive day, as the investor confidence on Spain continued to wane. The index fell 1.7% yesterday to 1,358.59, bringing its 5-day losses to 4.3%. Gold prices soared 1.2% overnight.

Yesterday, Spanish bond yields approached 6% despite the government announcing an additional EUR 10bn in budget cuts. Italian 10-year bond yields also rose 23 basis points to 5.69%. Overnight Markets  

Indices	Last	Change
STI	2982.44	0.8%
HSI	20356.24	-1.1%
DJIA	12715.93	-1.6%
S&P 500	1358.59	-1.7%
Nasdaq	2991.22	-1.8%

Corporate News

Corporate Announcements

Results Announcement
Tue 17 Apr: SGX 3Q12
Thu 19 Apr: Keppel Corp 1Q12

Ex-Dividend Date
Wed 25 Apr: Keppel Corp ($0.26), SembMarine ($0.20)
Wed 26 Apr: STX OSV ($0.10)
Fri 27 Apr: OCBC ($0.15)
Mon 30 Apr: Cosco ($0.03), Golden Agri ($0.0184)
Thu 5 May: IndoFood Agri ($0.003)
Fri 4 May: Wilmar ($0.031)
Mon 7 May: UOB ($0.40), CapitaLand ($0.08)
Wed 9 May: DBS ($0.28)