SGX Stocks and Warrants
Yanlord - Heavy Buying Lifted Stock 4%
Warrants Highlight
Yanlord - Heavy Buying Lifted Stock 4%
Macquarie is pleased to list the following new warrants this morning:
| Code | Name | Type | Expiry | Exercise Price |
| QY2W | Yanlord MBeCW121204 | Call | 04-Dec-12 | 1.20 |
| QY0W | OCBC Bk MBeCW121101 | Call | 01-Nov-12 | 9.20 |
| QY1W | UOB MB eCW121002 | Call | 02-Oct-12 | 19.30 |
Yanlord rallied 4.3% yesterday to $1.225, with more than 10.9 mn shares changing hands, almost 7 times of Tuesday’s trading volume.
Earlier this month, the Chinese government reported that home prices dipped for the 8th month in May. The news, coupled with other weak economic data from the world’s 2nd largest economy, prompted speculations that the central government may consider relaxing some of the property curbs and further reduce its interest rates. China Daily reported that a former PBOC advisor saying that China may cut the reserve requirement ratio before the end of 2012.
Henan – mixed reports on policy relaxing
On Tuesday, Wall Street Journal reported that China’s Henan province government took a bold step in relaxing its property policies to support the economy. The authorities told banks to offer a favourable mortgage rate (30% discount to the benchmark rate) to first home buyers. For families without a registered home, it will be classified as a first home purchase.
However, The Economic Observer reported yesterday that officials denied reports on the loosened bank lending standards. It was said that the notice was supposed to be cancelled 2 weeks ago, before it was officially implemented.
Singapore Market Wrap
Finally some action!
Asian markets finally shrugged off their inertia this week to make some headway ahead of the two-day European summit beginning today. The Hong Kong market took the lead with the HSI going from negative territory to positive on China's announcement of plans to strengthen relationship with Hong Kong by promoting tie-ups between the two financial markets and increasing cooperation in investments overseas and infrastructure. The STI made its first gain in four days, increasing 1.3% day-on-day (dod) to close at 2,841.60 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.*
Chinese shipyard slid on data
While the announcement from China led the overall bourse to a strong rebound, a separate piece of news from China contributed to a failure of Chinese shipyards to latch onto the positive momentum. Singapore listed Chinese shipyards Yangzijiang (-0.5% dod, $1.005) and Cosco (unchanged, $0.975) failed to follow the STI higher after data showed that Chinese shipbuilders' new orders from Jan to May fell 47% year on year.
According to a poll by Bloomberg, Cosco is currently the lowest rated amongst stocks on the MSCI AC Asia Pacific Index members.
Call CoscoCoMBeCW121105 (QK3W) exercise price $0.950.*
Call CoscoCoMBeCW121001 (P9IW) exercise price $1.10.*
Call YangzijiMBeCW121203 (QR1W) exercise price $0.950.*
Call YangzijiMBeCW130102 (O9LW) exercise price $1.20.*
Olam lower despite buyback programme
Another stock that failed to find favour despite the upbeat mood was Olam International. The stock nearly erased all of Tuesday's gains after tumbling 1.6% to $1.845 yesterday. The company had on June 8 announced a share buy-back program after its stock price crashed to a three-year low of $1.53 on June 4. The management has the mandate to buy up to 244mn shares and has so far purchased 49.7mn shares or 2% of its market capitalisation.
Call OLAM MB eCW121005 (QF2W) exercise price $2.00.*
Overnight Market Wrap
Positive durable goods and pending home sales
Markets cheered over strong economic data yesterday. The S&P500 rallied 0.9% to 1,331.85, reversing most of its Monday's losses. Crude oil returned above the $80/barrel mark as Norwegian oil workers continued their strike which has been running since Sunday.
US May durable goods orders rose 1.1%, compared to a Bloomberg survey of a 0.5% increase. Aircraft and parts orders led the gains. Separately, the US pending home sales rebounded sharply by 5.9% to 101.1.
Overnight Markets
| Indices | Last | Change |
|---|---|---|
| STI | 2841.60 |
1.3%  |
| HSI | 19176.95 |
1.0% |
| DJIA | 12627.01 |
0.7% |
| S&P 500 | 1331.85 |
0.9% |
| Nasdaq | 2875.32 |
0.7% |
| China A50 | 7719.53 |
-0.2%  |
Related Stocks
| Chart | Stock Name | Last | Change | Volume |
|---|
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