Warrants Highlight

Olam CEO Bought $3.7mn Shares in 2 Days

Singapore Market Wrap

Markets lower for third straight day

Global markets drifted lower for a third straight day yesterday as investors appear reluctant to make any purchases prior to further updates on the Euro crisis. In Singapore, the STI dipped lower for a third straight day, this time 0.5% day-on-day (dod) to 2,815.26 yesterday.

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

SingTel defends yet again
A safe haven in difficult times, SingTel went up in as many days as the overall bourse has fallen. The telecom giant gained for a third day to its highest since 12 December 2011. Its Optus unit said last week that it plans to spend A$2 billion on 4G over next 2 years.

Call SingTelMBeCW130301 (PB6W) exercise price $3.30.*

CapitaLand CEO to retire, Olam's CFO resigns
In news, CapitaLand's President and CEO Liew Mun Leong said last Friday that he will retire in a year from the company he helped create almost 12 years ago. In the same after market announcement, CapitaLand said it will review succession candidates to take Liew's place. CapitaLand's share price has stayed unchanged amid this piece of news, closing at $2.64 on both Friday and yesterday.

Another company that announced a management change was Olam, whose CFO tendered his resignation last Wednesday evening. While the company has had the position replaced by Shekhar Anantharaman who was previously overseeing Olam's global Edible Nuts division, Olam's share price appears to have taken a setback on the news, falling for a third consecutive day to $1.84 yesterday.

Call CapitalaMBeCW120903 (P0ZW) exercise price $2.582.*
Call CapitalaMBeCW120904 (QC5W) exercise price $2.979.*
Put CapitalaMBePW121203 (QR6W) exercise price $2.60.*

Call OLAM MB eCW121005 (QF2W) exercise price $2.00.*

Overnight Market Wrap

Stocks fell despite strong home sales

The declining mortgage rates pushed US new home sales to its 2-year highs. However, the stock market ended lower, with the S&P500 falling 1.6% to 1,313.72. The index is currently 7.4% below its February peak of 1,419.04.

Spain remains as the sore of Europe's eye. Yesterday, the Spanish government formally requested a rescue loan of EUR100bn to help recapitalise its banks. Hours later, the ratings agency Moody's slapped 28 Spanish banks with new credit downgrades. EUR fell further to touch 1.25 against the USD.

Overnight Markets

Indices	Last	Change
STI	2815.26	-0.5%
HSI	18897.45	-0.5%
DJIA	12502.66	-1.1%
S&P 500	1313.72	-1.6%
Nasdaq	2836.16	-2.0%
China A50	7756.66	-1.5%