On 10/May, Singapore shares ended flat after disappointing China trade data.

STI ended flat at 2903.60 (0.09%) with regular VOL of 2.00 billion shares traded compared with 1.71 billion shares Wednesday. In the broader market, losers outnumbered gainers 253 to 146. Today STI continue to undergo profit taking as investors move their money back into safe-haven assets.

Headline in STI

Before market close

Wilmar International Ltd. (F34.SG, WLMIY) 1Q net profit fell 34% to US$255.9 million compared with US$386.7 million a year earlier as margins in the commodity supplier’s oilseeds and grains business were squeezed.

Singapore Telecommunications Ltd. (Z74.SG, SGAPY) 4Q net profit rise 30% to S$1.29 billion compared with S$991.7 million a year earlier as contributions from some of its regional mobile associates rose and it logged currency-translation gains from the strength of the Australian dollar.

After market close

Noble Group Ltd. (N21.SG) 1Q net profit fell 46% to US$110 million compared with US$203 million a year ago.

Genting Singapore PLC (G13.SG) 1Q net profit fell 31% to S$211.5 million compared with S$305.4 million a year earlier due mainly to lower takings and volumes in its premium-gambler business.

City Developments Ltd. (C09.SG) 1Q net profit falls 44.5% to S$156.8 million compared with S$282.3 million a year earlier due mainly to the absence of one-time gains on asset sales made a year earlier.

Technical Analysis on STI

Immediate Resistance of STI: 2906

Immediate Support of STI: 2848

MY sentiment on STI: STI re-test the support turned resistance at 2906 today but failed to break out of this resistance. The sentiment remains bearish though there are some traders who buy on pullback. Do not suggest buying now.

On Wednesday, Wilmar broke the support at $4.79 and closed at $4.70 with HIGH volume of 9.41 million shares traded.

A big black candle occurred.  This is bearish, as prices closed significantly lower than they opened. If the candle appears as prices break below a support area, the long black candle confirms the failure of the support area.

During the past 10 bars, there have been 5 white candles and 4 black candles for a net of 1 white candles.  During the past 50 bars, there have been 15 white candles and 29 black candles for a net of 14 black candles.

Both RSI & MACD are bearish as MACD perform a “death cross”

Important Resistance of Wilmar: $4.79

Immediate Support of Wilmar: $4.45

Currently prices are resisted by 20/50 days MA at $4.79

Today Wilmar have broken the critical support at $4.79 with high selling pressure and this is a bearish signal.

The immediate support at $4.45 is expected to be strong.

Do not suggest buying now due to heavy selling pressure but rather watch for any consolidation at $4.45 support before entry.

On 09/May, Singapore shares ended lower on fresh worries of Europe’s monetary union following failed coalition talks in Greece.

STI ended lower at 2900.91 (1.1%) with LOW VOL of 1.70 billion shares traded compared with 1.97 billion shares Tuesday. In the broader market, losers outnumbered gainers 255 to 132. Today STI undergo profit taking as investors sought to offload risk-sensitive assets.

Headline in STI

Before market close

Singapore Telecommunications Ltd. (Z74.SG) total number of subscribers rose 2.8% to 445 million compared with 433.5 million as of Dec. 31.

Singapore Telecommunications Ltd. (Z74.SG, SGAPY) unit Amobee has acquired a Silicon Valley-based start-up for an undisclosed amount, as it seeks to acquire the technology to create three-dimensional advertisements for mobile phones.

After market close

Neptune Orient Lines Ltd. (N03.SG) 1Q net loss was US$253.6 million compared with US$10 million a year earlier as high fuel costs and low freight rates affected its performance.

Sembcorp Marine Ltd. (S51.SG) 1Q net profit falls 24.9% to S$113.1 million compared with S$150.6 million a year earlier mainly due to lower value and lower margin contracts for new-design jack-up rigs, compared with repeat-design contracts for larger semi-submersible rigs secured last year.

United Overseas Bank Ltd. (U11.SG) 1Q net profit rise 12.4% to S$688 million compared with S$612 million a year earlier on the back of stronger loan volumes and fee income amid signs interest margin compression.

CapitaMalls Asia Ltd. (JS8.SG) has entered into a 50-50 joint venture agreement with Malaysia’s Sime Darby Property (4197.KU) for the construction of a MYR500 million development in Malaysia’s Klang Valley.

Singapore Airlines Ltd. (C6L.SG) 4Q net loss at S$38.2 million compared with a profit of S$171 million a year earlier as soaring fuel prices pushed expenses higher and earnings were hurt by a loss on the disposal of its last Boeing 747-400 aircraft.

Technical Analysis on STI

Immediate Resistance of STI: 2906

Immediate Support of STI: 2848

MY sentiment on STI: STI has closed slightly below the supported turned resistance at 2906. Tomorrow will be a critical period on whether STI breached of support will trigger any heavy selling pressure. Do not suggest to long stocks now

On Monday, Yangzijiang broke the support at $1.165 and closed at $1.125 with HIGH volume of 18.5 million shares traded.

A falling window occurred (where the bottom of the previous shadow is above the top of the current shadow).  This usually implies a continuation of a bearish trend.  There have been 3 falling windows in the last 50 candles–this makes the current falling window even more bearish.

RSI & MACD are bearish though RSI in oversold region.

Currently prices are supported by 200 days MA.

Immediate Resistance of Yangzijiang: $1.165

Immediate Support of Yangzijiang: $1.085

Since Mar 2012, prices have been trending inside the falling channel forming a lower higher and lower low. This is a bearish signal.

In fact, the breached with $1.165 support affirms to the bearishness and more selling could be triggered ahead.

We would not suggest buying such a bearish stock for the moment.

On 07/May, Singapore shares ended lower as investors fled to safety following European election results and renewed fears over the global economy

STI ended lower at 2924.95 (2.2%) with HIGH VOL of 2.44 billion shares traded compared with 2.47 billion shares Friday. In the broader market, losers outnumbered gainers 370 to 61. Today STI undergo heavy selling pressure as investors panic sell their risk assets.

Headline in STI

Before market close

Sembcorp Industries Ltd. (U96.SG) has signed an agreement to buy power assets in China for US$85.5 million (S$106.7 million).

After market close

Hutchison Port Holdings Trust (NS8U.SG) 1Q net profit at HK$462.8 million, 0.7% above the HK$459.4 million the company had forecast in its initial public offering prospectus.

Technical Analysis on STI

Immediate Resistance of STI: 2928

Immediate Support of STI: 2906

MY sentiment on STI: STI has closed slightly below the supported turned resistance at 2928. The support at 2906 is expected to be strong and more selling will be triggered if this support is broken with high volume.