Warrants Highlight

And the Winner of the Election is... Austerity Party

Singapore Market Wrap

Last cheer before Greek elections

Last week, Singapore was off to a slow start, with investors unsure of what to expect over the weekend. However, just before we ended the week for the Greek elections, markets rallied to an optimism that central banks will prepare to step in if Greek elections turned sour. As a result of the rally, Singapore ended the week positive.

The STI rose 2.7% week-on-week (wow), closing at 2811.0.

Call STI 2750MBeCW120831 (QP9W) exercise level 2,750.*
Call STI 2950MBeCW120831 (QE8W) exercise level 2,950.*
Put STI 2650MBePW120831 (QQ0W) exercise level 2,650.*
Put STI 2850MBePW120831 (QE9W) exercise level 2,850.*

Biggest sector movers
Banks were the top performing sector last week, contributing to 30.4 points out of the 73.1 points increase on the STI. Earlier in the week, Spain had sought the ECB for as much as $100 billion euro to recapitalise its banks, with the latter showing willingness to provide the necessary liquidity to support the financial system. This eased some fear, allowing Singapore banks to enjoy a bounce. OCBC led the increase with a 5.5% wow increase to close at $8.70. DBS added 3.6% wow to close at $13.52 and UOB gained 3.9% wow to close at $18.00.

Call warrant OCBC Bk MBeCW121001 (QK5W) exercise price $8.30.*
Put warrant OCBC Bk MBePW120718 (P2OW) exercise price $8.40.*

Call warrant DBS MB eCW120904 (QC6W) exercise price $14.00.*
Put warrant DBS MB ePW121001 (QO9W) exercise price $13.00.*

Call warrant UOB MB eCW121001 (QK4W) exercise price $17.30.*
Call warrant UOB MB eCW121101 (QD7W) exercise price $19.00.*
Put warrant UOB MB ePW121001 (QR3W) exercise price $16.40.*

Big plans for Olam
Last Wednesday, Olam and Lansing Trade Group announced on the SGX its plan to form a 50/50 joint venture (JV) to originate and merchandise Canadian grains and oilseeds. The JV, known as Lansing Olam Canada will provide a strong platform in Western Canadian Grains. The JV announcement came shortly after Olam announced plans to buy back as much as 10% of its shares. Olam's CEO had commented that the move reflected "the confidence that Olam's board has and growth prospects of the group". Olam closed at $1.825, up 12.3% WoW.

Call warrant Olam MB eCW121203 (QP0W) exercise price $1.70.*
Call warrant OLAM MB eCW121005 (QF2W) exercise price $2.00.*

Overnight Market Wrap

US stocks rose ahead of crucial vote

The S&P500 rose 1.3% last week to 1,342.84. Investors were optimistically hopeful on the outcome of the Greek elections over the weekend. They are also looking forward to Bernanke's speech after the FOMC meeting this Wednesday.

On Friday, the University of Michigan index of consumer index fell more than expected to 74.1 compared to a Bloomberg estimate of 74.1. Analysts linked the disappointing numbers to the recent slowing jobs growth.

Overnight Markets

Indices	Last	Change
STI	2811.00	1.3%
HSI	19233.94	2.3%
DJIA	12767.17	0.9%
S&P 500	1342.84	1.0%
Nasdaq	2872.80	1.3%