Forex Market Update

The U.S. dollar index posted a monthly gain after spending much of February in consolidation mode as investors await further signals on the timing of the Federal Reserve’s next interest-rate increase move.

The ICE dollar index DXY, +0.00% which tracks the U.S. currency against a basket of six major rivals, traded at 95.256, up from a level of 95.150 in North American trade late Thursday and near a level last seen in 2003. 

The euro EURUSD, -0.02%  traded at $1.1197, little changed from its level in late North American trade on Thursday.

The dollar was at ¥119.63 compared with USDJPY, +0.18%  ¥119.49 late Thursday in New York.

Natural Gas Market Update

Natural-gas prices, meanwhile, dropped by almost 6% after U.S. government data showed that supplies fell less than expected last week despite the bitter cold in the eastern U.S.

April natural gas NGJ15, +0.48%  fell 16.5 cents, or 5.8%, to end at $2.697 per million British thermal units on its first full trading day as a front-month contract.

The EIA reported Thursday that supplies of natural gas declined by 219 billion cubic feet for the week ended Feb. 20. Analysts surveyed by Platts forecast a decline of between 239 billion cubic feet and 243 billion cubic feet.

Oil Market Update

Oil futures on Thursday settled at their lowest level in nearly a month, with strength in the U.S. dollar adding insult to injury to a market that is already suffering from record-high crude supplies in the U.S.

April crude CLJ5, +2.80%  dropped $2.82, or 5.5%, to settle at $48.17 a barrel on the New York Mercantile Exchange. That was the lowest close for a most-active contract since late January.

Brent crude for April delivery LCOJ5, +4.05%  on London’s ICE Futures exchange lost $1.58, or 2.6%, to $60.05 a barrel.

Silver Market Update

May silver SIK5, -0.02%  traded at $16.585 an ounce, down 4 cents, or 0.2%. It was down around 3.7% for the month but up roughly 1.9% for the week.

Also on Comex, April platinum PLJ5, +1.23%  rose $11.20, or 1% to $1,184.80 an ounce, down 4.3% for the month, while June palladium PAM5, +0.99%  added $2.40, or 0.3%, to $813.45 an ounce, over 5% higher for the month. May copper HGK5, -0.17%  fell 2.4 cents, or 0.9%, to $2.671 a pound, poised for a monthly gain of around 7%.

Gold Market Update

Don’t expect to see much of a climb in gold prices this year, but a spike to $1,700 an ounce or more could come as early as the summer of 2016.

Gold futures prices on Comex closed at $1,210.10 an ounce on Thursday, with the metal stuck in a range of just over $114 an ounce year to date, based on the most-active contracts.

SGX Singapore News Update

The Straits Times Index (STI) ended -23.32 points lower or -0.68% to 3402.86, taking the year-to-date performance to +1.12%. The FTSE ST Mid Cap Index declined -0.18% while the FTSE ST Small Cap Index declined -0.17%. The top active stocks were OCBC Bank (-1.04%), SingTel (-1.40%), Noble (-8.02%), DBS (-0.61%) and UOB (+0.35%)

SGX Singapore Closing Market Update

A SURPRISE announcement by the Singapore Exchange (SGX) that its boss Magnus Bocker does not want to stay on after his contract expires in June, commodities firm Noble Group's ongoing tussle with short-selling firm Iceberg Research and slight softness in the banking sector - these were the main local features of interest in this week's trading.

On the external front there was not much happening - the US Federal Reserve's Janet Yellen delivered her semi-annual testimonies on the state of the US economy and said pretty much what markets expected, Greece and its European bailors reached an agreement of sorts on the country's debt repayments thus easing fears of a "Grexit", and the government here announced a Budget for the long term that had little impact on the market.

SGX Singapore News Update

Singapore's biggest Real Estate plays averaged 6% return in YTD

In the year thus far, the FTSE ST Real Estate Index has gained 6.5%, while the STI gained 1.9%.
The 50 largest capitalised Real Estate stocks listed on SGX have a combined market cap of S$187 bn and generated a 5.9% average total return over the period.

Of the 50 stocks, the five best performers over the eight week period, were Sinarmas Land, Keppel Land, Fortune REIT, Ascendas India Trust, and Hongkong Land Holdings.
The largest capitalised Real Estate play listed on SGX - Hongkong Land Holdings - is expected to release its earnings next week.

After generating comparable price returns in 2014, the Real Estate plays in Singapore have performed more strongly than the Straits Times Index (STI) over the first eight weeks of 2015. In the year thus far, the FTSE ST Real Estate Index gained 6.5%, while the Straits Times Index (STI) gained 1.9%. These gains have added to 6.8% price gain of the FTSE ST Real Estate Index in 2014 and the STI’s 6.2% price gain in 2014.

One key difference in the two timeframes is that the larger capitalised Real Estate Holding & Development companies led the gains in the first eight weeks of 2015, while Real Estate Investment Trusts (REITs) led the gains in 2014. Real Estate Holding & Development stocks and REITs represent two important sides of the Real Estate Sector. While REITs have been listed on Singapore Exchange (SGX) since 2002, up to 10 of the Real Estate Holding & Development companies have grown out of businesses that were founded before 1965.

The types of real estate businesses that are listed in Singapore include Real Estate Development, Real Estate Operations and Diversified Real Estate Activities – which make up the Real Estate Holding & Development side; and the Retail REITs, Industrial REITs, Office REITs, Diversified REITs, Hotel & Resorts, Healthcare REITs, Residential and Specialised REITs. This is based on categorisations provided in SGX StockFacts.

Scope of Real Estate stocks

Over the course of 2014, the Urban Redevelopment Authority (URA) Property Price Index by residential type decreased by 4.0%, compared with an increase of 1.1% in 2013. More information on the recent price history of private residential properties can be found here.  In 2014, the FTSE ST Real Estate Holding & Development Index gained 4.5% in price. The most obvious rational for the different performance of the Real Estate Holding and Development stocks was that many of the stocks have businesses than span outside the realms of residential real estate and in many cases outside the realm of Singapore.

On the REITs front, two Residential REITs make up just 1% of the combined market capitalised of the real estate plays. These are Ascott Residence Trust and Saizen REIT.  Ascott Residence Trust attributed  10% of its revenue in Singapore in the last reported financial year while Saizen REIT reported all of its revenue to Japan. These two REITs averaged a 4.0% return in the first eight weeks of 2015 which took their average one year total return to 11.1%.  

Different Segment Performances

The different segments of Singapore’s Real Estate Sector have performed differently in recent years – while all key segments have generated gains over the past three years – average gains have varied from 2.2% for Real Estate Operating Companies to 120% for Diversified REITs. In the longer timeframe of five years, Healthcare REITs, Industrial REITs and Office REITs and Retail REITs have outperformed the Diversified REITs.

SGX Comex Recommendations

INTERNATIONAL COMMODITY NEWS :
Gold and copper prices were mostly steady on Friday in Asia after Japan reported solid industrial output, but downbeat data on jobs, inflation and retail sales National core CPI in Japan rose 2.2%, below the 2.3% year-on-year for January expected. The unemployment rate in January ticked up to 3.6%, compared to an expected steady rate of 3.4%. Household spending fell 5.1% in January year-on-year. Industrial production month-on-month jumped 4.0%, well above an expected gain of 2.7% and retail sales fell 2.0%, compared to a forecast of down 1.3% year-on-year.

TRADING STRATEGY :
BUY GOLD ABOVE 1211.75 TARGET 1216.75 1222.75 SL 1205.75
SELL GOLD BELOW 1205.5 TARGET 1200.5 1194.5 SL 1211.5

SGX Singapore News Update

All Eyes on Indian Union Budget

Election setback on 10 February in the National Capital Territory of Delhi tarnished Modi’s aura of invincibility and could throw a wrench into promised reforms.
India Union Budget set to be unveiled on 28 February 2015 (Saturday) will be closely watched by investors and analysts for reform determination.

SGX CNX Nifty Index Futures calendar spreads exhibited strong trading interest as market participants shifted to March contract earlier to take position on the budget day. In conjunction with the onshore market, SGX CNX Nifty Index Futures contract will be available for trading on 28 February 2015.

Election Setback in Delhi
It was supposed to be a walkover. Fresh from previous election victories, with main opposition parties in disarray and popular Prime Minister Narendra Modi beside them, the Bharatiya Janata Party (BJP) was expected to cruise to a win in the Delhi state elections. But after the dust settled, the Aam Aadmi (Common Man) party had won 67 out of 70 seats in the state assembly of the Indian metropolis of around 20 million people.
It was a stunning setback for Modi and could prove a hindrance to his proposed reforms which will need strong support to pull off. Consolidating power in the states is critical to gaining control of the upper house Rajya Sabha, where Modi's party lacks a majority and has been thwarted in its effort to pass reforms, including the liberalisation of the insurance sector.
At the same time, the loss in Delhi also showed the electorate’s growing impatience for progress, which makes the upcoming budget all the more crucial. Widespread disappointment with the budget could lead to further losses on the electoral battlefield.

Investors Prepare for India Budget Day
The Nifty index has been recording higher highs as market participants buy into the rally on hopes that the 28 February federal budget will unveil a string of reforms to attract investment and balance federal deficits.
According to Jim O'Neill, economist and former chairman of Goldman Sachs Asset Management, Indian markets has to potential to rally 20-30% going forward, if the Budget meets expectations.
With Modi coming to power on promises of sustained GDP growth of 7 to 8%, voters and investors will be expecting drastic growth policies and reforms – anything less will be deemed disappointing.
The key theme for this budget will undoubtedly be economic development. At the same time, cutting the fiscal deficit and the central bank’s desire for further interest rate cuts will prove to be an important theme.
To curb the deficit, the government is considering alternative means of generating revenue, such as selling off state-owned companies and the auction of federal resources. Analysts expect the government to meet its ambitious 4.1% fiscal deficit target with the help of lower oil prices.
Elsewhere, investors will also be looking for policies that improve the infrastructure of the country so as to set the stage for attracting investment into the country. On manufacturing, Modi is expected to continue supporting the “Make in India” campaign. Changes in law and tax structures such as the proposed goods and services tax to encourage manufacturing growth are on the table.

Finance Minister Arun Jaitley will present the budget on Saturday and the Securities and Exchange Board of India (SEBI) has instructed domestic stock markets to be open for a live special trading session on that data.

SGX IForex Recommendations

TRADING TIPS :

GBP/USD hit 1.5552 during European morning trade, the pair’s highest since January 2; the pair subsequently consolidated at 1.5531.In a report, the Office for National Statistics said the U.K. gross domestic product expanded by 0.5% in the final three months of 2014, unchanged from an initial estimate and in line with expectations. The U.K.’s economy grew by 0.7% in the previous quarter.Year-over-year, U.K. economic growth grew 2.7% in the three months to December, unchanged from a preliminary reading. The U.K. economy expanded at an annualized rate of 2.6% in the third quarter of 2014.The report also showed that total U.K. business investment fell 1.4% in the last quarter, disappointing forecasts for a 1.9% gain and following a 1.2% decline in the third quarter of 2014.

INTRADAY OUTLOOK

Support: 1.5492

Resistance: 1.5573

RECOMMENDATION:

1. Buy GBP/USD Above 1.5575-TG: 1.5595/1.5625 SL 1.5545

2. Sell GBP/USD Below 1.5490-TG: 1.5470/1.5440 SL 1.5520

INTRADAY OUTLOOK

Support: 1.1317

Resistance: 1.1396

RECOMMENDATION:

1. Buy EUR/USD Above 1.1398-TG: 1.1418/1.1448 SL 1.1368

2. Sell EUR/USD Below 1.1315-TG: 1.1295/1.1265 SL 1.1345

SGX Stock Recommendations

MARKET UPDATES :

• The Straits Times Index (STI) ended -14.65 points lower or -0.43% to 3426.18, taking the year-to-date performance to +1.81%.

• The FTSE ST Mid Cap Index declined -0.31% while the FTSE ST Small Cap Index declined -0.29%. The top active stocks were Sing- Tel (-0.47%), DBS (-0.66%), Global Logistic (+1.17%), UOB (-0.26%) and OCBC Bank (-0.38%).

• The outperforming sectors today were represented by the FTSE ST Consumer Goods Index (+0.77%). The two biggest stocks of the FTSE ST Consumer Goods Index are Wilmar International (+1.85%) and Thai Beverage (+0.71%). The underperforming sector was the FTSE ST Basic Materials Index, which declined -1.28% with Midas Holdings’s share price declining -3.08% and Geo Energy Re- sources’s share price unchanged.

• The three most active Exchange Traded Funds (ETFs) by value today were the IS MSCI India (-0.12%), STI ETF (-0.87%), SPDR Gold Shares (+0.50%).

• The three most active Real Estate Investment Trusts (REITs) by value were CapitaMall Trust (unchanged), Ascendas REIT (-1.59%), Suntec REIT (-0.51%).

• The most active index warrants by value today were HSI25000MBeCW150330 (+5.50%), HSI25000MBeCW150429 (+7.38%), HSI24400MBePW150330 (-10.11%).

• The most active stock warrants by value today were OCBC Bk MBeCW150803 (-5.74%), SGX MB eCW150803 (-1.16%), DBS MB eCW150915 (-5.33%).

Forex Market Update

The ICE U.S. Dollar Index rose to its highest level since 2003 Thursday, as currency traders bet that a stronger-than-expected core consumer-price index number will prompt the Federal Reserve to raise interest rates sooner than expected.

The index DXY, -0.13% a measure of the greenback’s strength against a basket of six rival currencies, rose 1.15% to 95.1500, according to FactSet data.

The euro EURUSD, +0.13%  traded at $1.1998, its lowest level since Jan. 26, compared with $1.1361 Wednesday.

Elsewhere, the dollar rose to 119.46 yen USDJPY, -0.22% compared with ¥118.87 Wednesday. The pound GBPUSD, +0.21%  fell to $1.5405, compared with $1.5521.

S&P Market News Update

Small-cap companies outperformed large firms Thursday, as downbeat economic reports and selling pressure from the energy sector weighed on the benchmark S&P 500.

Meanwhile, the S&P 500 SPX, -0.15%  closed down 3.12 points, or 0.2% lower, at 2,110.74, while six of its 10 main sectors finished with losses. A 5.5% drop in oil prices prompted investors to dump energy companies.

Gasoline Market Update

On Nymex Thursday, the front-month March gasoline contract down 1.1 cents, or 0.7%, at $1.708 a gallon, pulling back after Wednesday’s 6.1% rally. March heating oil HOH5, +3.14%  ended at $2.136 a gallon, up 3.2 cents, or 1.5%. The March contracts for the products expire at the close of trading on Friday.

April natural gas NGJ15, +0.26%  fell 16.5 cents, or 5.8%, to end at $2.697 per million British thermal units on its first full trading day as a front-month contract.

Oil Market Update

Oil futures on Thursday settled at their lowest level in nearly a month, with strength in the U.S. dollar adding insult to injury to a market that is already suffering from record-high crude supplies in the U.S.

April crude CLJ5, +1.93%  dropped $2.82, or 5.5%, to settle at $48.17 a barrel on the New York Mercantile Exchange. That was the lowest close for a most-active contract since late January.

Brent crude for April delivery LCOJ5, +1.63%  on London’s ICE Futures exchange lost $1.58, or 2.6%, to $60.05 a barrel.

Current Market Update

Tokyo (Nikkei Average NIK, -0.18% ) up 0.2% 
Hong Kong (Hang Seng Index HSI, +0.56% ) up 0.5% 
Shanghai (Shanghai Composite Index SHCOMP, +0.58% ) up 0.6% at break 
Sydney (S&P/ASX 200 XJO, +0.41% ) up 0.2% 
Seoul (Kospi SEU, -0.13% ) down 0.1% 
Mumbai (Sensex 1, +0.51% ) up 0.5% 
Taipei (Taiex Y9999, -0.80% ) closed for holiday

Platinum Market Update

Other metals finished higher as well. April platinum PLJ5, +0.11%  rose $4.80, or 0.4%, to $1,173.60 an ounce, while June palladium PAM5, -0.01% the most-active contract, gained $1.75, or 0.4, to $811.05 an ounce. 

May copper HGK5, -0.56%  added 5.1 cents, or 1.9%, to $2.695 a pound.

Gold Market Update

Futures prices for gold rallied for a second straight session on Thursday to mark their highest settlement in more than a week.

Gold for April delivery GCJ5, -0.07%  rose $8.60,or 0.7%, to settle at $1,210.10 an ounce on Comex. That was the highest settlement for a most-active contract since Feb. 18.

May silver SIK5, -0.23% also tacked on 15 cents, or 0.9%, to end at $16.624 an ounce — the best settlement for a most-active contract since Feb. 13.

Asian Market Update

Asian markets were largely flat in morning trade Friday after the dollar firmed on US inflation data, while disappointing Japanese figures challenged Tokyo's war on falling prices.

Japanese inflation slowed for a sixth straight month in January - dampened by weak consumer spending and falling energy prices - its lowest level since Tokyo launched an offensive on falling prices and tepid growth nearly two years ago.

Tokyo ticked up 0.07 per cent, Hong Kong added 0.54 per cent and Shanghai edged down 0.08 percent. Seoul slipped 0.12 per cent while Sydney was up 0.37 per cent and Wellington added 0.08 per cent. Markets in Taiwan were closed for a public holiday.

The dollar eased Friday after rallying on inflation data that pointed to rising price pressures in some areas of the US economy, which could ease the way for the Fed to hike interest rates.

SGX Singapore Opening Market Update

SINGAPORE shares opened lower on Friday with the Straits Times Index down 4.10 points to 3,422.08 at 9.02am, after falling oil prices hit oil-linked equities on the Dow Jones Industrial Average and S&P 500.

In all, some 127.2 million shares worth S$219.9 million changed hands, with gainers outnumbering losers 74 to 69.

The exchange's most active stocks were Noble Group and Golden Agri-Resources.

On resuming trading today, Noble lost six cents or 5.7 per cent to S$1. Some 22.9 million shares changed hands. It had reported a net Q4 loss of US$240 million and come under a second attack by anonymous short-seller Iceberg Research on Thursday, which led it to halt trading in its shares.

SGX Singapore Closing Market Update

PRESSURE on the Jardine stable and the three banks on Thursday meant the Straits Times Index ended the session with a 14.65-point loss at 3,426.18. Turnover at 1.1 billion units worth S$946.2 million was below the S$1.1 billion averages seen in the past few days. Excluding warrants, there were 188 rises versus 225 falls.

The weakness here was in contrast to Hong Kong where the Hang Seng Index traded in the black throughout the day before ending with a 0.5 per cent gain.

No reason could be found for the selling since Europe opened firm. The speculation was therefore that it was program selling ahead of anticipated softness on Wall Street on Thursday.

SGX Comex Recommendations

INTERNATIONAL COMMODITY NEWS :
Gold prices gained on Thursday in Asia as investors eyed physical demand from China. On the Comex division of the New York Mercantile Exchange, gold futures for April delivery rose 0.62% to $1,209.00 a troy ounce. Meanwhile, silver futures for May delivery increased 0.84% t $16.612 a troy ounce. Elsewhere on Comex, copper for May delivery rose 0.33% to $2.654 a pound. Overnight, gold futures reversed most of the gains made in Asia on Wednesday afternoon before settling slightly higher.

TRADING STRATEGY :
BUY GOLD ABOVE 1212 TARGET 1217 1223 SL 1206
SELL GOLD BELOW 1205 TARGET 1200 1194 SL 1211

SGX IForex Recommendations

TRADING TIPS :

GBP/USD up 0.28% to 1.5496.during European morning trade, the pair’s highest since January 2; the pair subsequently consolidated at 1.5509, gaining 0.36%.In a report, the British Bankers’ Association said that mortgage approvals rose by 36,400 in January, beating expectations for an increase of 36,200. December’s figure was revised to a 35,800 gain from a previously estimated rise of 35,700.Meanwhile, the greenback remained under pressure after Fed Chair Yellen said it was “unlikely” that economic conditions would warrant an interest rate increase for “at least the next couple of FOMC meetings”.

INTRADAY OUTLOOK

Support: 1.5450

Resistance: 1.5537

RECOMMENDATION:

1. Buy GBP/USD Above 1.5539-TG: 1.5559/1.5589 SL 1.5509

2. Sell GBP/USD Below 1.5448-TG: 1.5428/1.5398 SL 1.5478

INTRADAY OUTLOOK

Support: 1.1316

Resistance: 1.1393

RECOMMENDATION:

1. Buy EUR/USD Above 1.1395-TG: 1.1415/1.1445 SL 1.1365

2. Sell EUR/USD Below 1.1314-TG: 1.1294/1.1264 SL 1.1284

SGX Stock Recommendations

MARKET UPDATES :

• The Straits Times Index (STI) ended +3.22 points higher or +0.09% to 3440.83, taking the year-to-date performance to +2.25%.

• The FTSE ST Mid Cap Index gained +0.70% while the FTSE ST Small Cap Index gained +0.18%. The top active stocks were Genting Singapore (-6.22%), SingTel (+0.47%), CapitaLand (+0.55%), DBS (+0.25%) and Global Logistic (+0.39%).

• The outperforming sectors today were represented by the FTSE ST Industrials Index (+0.78%). The two biggest stocks of the FTSE ST Industrials Index are Jardine Matheson Holdings (+2.66%) and Jardine Strategic Holdings (+0.09%). The underperforming sector was the FTSE ST Consumer Services Index, which declined -1.29% with Jardine Cycle & Carriage’s share price gaining +1.49% and Genting Singapore’s share price declining -6.22%.

• The three most active Exchange Traded Funds (ETFs) by value today were the IS MSCI India (+0.75%), SPDR Gold Shares (+0.93%), DBXT CSI300 ETF (-0.82%).

• The three most active Real Estate Investment Trusts (REITs) by value were Suntec REIT (+0.78%), CapitaCom Trust (+1.12%), As- cendas REIT (+1.21%).

• The most active index warrants by value today were HSI25000MBeCW150330 (+1.11%), HSI25000MBeCW150429 (+3.47%), HSI24400MBePW150330 (-6.32%).

• The most active stock warrants by value today were OCBC Bk MBeCW150803 (+1.67%), DBS MB eCW150420 (+4.51%), SGX MB eCW150803 (-1.15%).

S&P Market News Update

U.S. stocks ended Wednesday’s choppy session virtually unchanged. But the Dow Jones Industrial Average eked out a small gain to close at a fresh record.

The S&P 500 SPX, -0.08%  closed 1.6 points, or 0.1%, lower at 2,113.86, with half of its 10 main sectors ending lower. Consumer discretionary stocks led the gains, utilities sold off the most.

Forex Market Update

The U.S. dollar inched lower against its main trading partners Wednesday, extending losses from Tuesday’s session, after Federal Reserve Chairwoman Janet Yellen suggested the central bank isn’t ready to raise interest rates just yet.

The dollar traded lower against the euro EURUSD, +0.09%  and flat against the yen USDJPY, +0.08% with the euro worth $1.1360 and the buck trading at ¥118.85, compared with $1.1349 and ¥118.75 Tuesday.

The ICE U.S. Dollar Index DXY, -0.05% a measure of the dollar’s strength against a trade-weighted basket of six rival currencies, was 0.3% lower at 94.2260.

The pound GBPUSD, +0.15%  and the Australian dollar AUDUSD, -0.39%  were especially well-bid versus the buck, with sterling trading at $1.5525, its highest level since late December. It traded at $1.5476 late Tuesday.

Natural Gas Market Update

March natural gas NGH15, -0.62%  settled at $2.894 per million British thermal units, down less than a penny on the contract’s expiration day.

March heating oil HOH5, -0.58%  tacked on 7.5 cents, or 3.7%, to $2.104 a gallon. March gasoline RBH5, +0.38% jumped 9.9 cents, or 6.1%, to end at $1.719 a gallon.

Oil Market Update

Oil futures reclaimed the $50 level on Wednesday, taking their cue from a rally in heating oil and gasoline despite a U.S. government report showing that crude supplies rose for a seventh straight week.

On the New York Mercantile Exchange, crude futures for delivery in April CLJ5, -0.76%  settled at $50.99 a barrel, up $1.71, or 3.5%. The April contract had posted declines in each of the last five trading sessions.

Brent crude for April delivery LCOJ5, -0.52%  on London’s ICE Futures exchange closed up $2.97, or 5.1%, to $61.63 a barrel.

Plainum Market Update

Other metals traded on Comex settled higher. April platinum PLJ5, +0.80%  rose $6.20, or 0.5%, to $1,168.80 an ounce, while March palladium PAH5, +0.30%  gained $18.05, or 2.3%, to $808.05 an ounce.

March copper HGH5, +0.30% added 1.6 cents, or 0.6%, to settle at $2.664 a pound.

Gold Market Update

Gold futures scored their first gain in four sessions on Wednesday, buoyed by comments from Federal Reserve Chairwoman Janet Yellen, a weaker U.S. dollar and signs of rising demand from China.

Gold for April delivery GCJ5, +0.59%  rose $4.20, or 0.4%, to settle at $1,201.50 an ounce on Comex. March silver SIH5, +0.85%  tacked on 24.2 cents, or 1.5%, to end at $16.43 an ounce.

Current Market Update

Tokyo (Nikkei Average NIK, +0.85% ) up 0.9%
Hong Kong (Hang Seng Index HSI, +0.79% ) up 0.8%
Shanghai (Shanghai Composite Index SHCOMP, +1.39% ) up 1.4% (at break) 
Sydney (S&P/ASX 200 XJO, -0.71% ) down 0.6% 
Seoul (Kospi SEU, -0.11% ) down 0.1% 
Mumbai (Sensex 1, -0.26% ) down 0.1% 
Taipei (Taiex Y9999, -0.65% ) down 0.7%

SGX Singapore Opening Market Update

SINGAPORE share prices opened lower on Thursday with the Straits Times Index down 3.88 points to 3,436.95 at 9am, following mixed corporate earnings in the United States and a second day of congressional testimony from Fed chair Janet Yellen.

In all, some 54.6 million shares worth S$69.3 million changed hands, with gainers outnumbering losers 66 to 63.

Among the exchange's most active stocks was Genting Singapore, which broke its S$1 resistance on Wednesday after a disappointing set of Q4 results. Some 5.6 million Genting shares changed hands in early trading, while the stock price stayed flat at S$0.98.

SGX Singapore Closing Market Update

The Straits Times Index on Wednesday rose 3.22 to 3,440.83 and the entire market recorded 240 rises against 193 falls in response to all-time highs recorded by Wall Street's major indices overnight.

Those gains came amidst optimism that the US Federal Reserve is in no hurry to raise its short-term interest rates, following Fed chief's testimony to the Senate Banking Committee.

Jardine Matheson provided the biggest positive support to the STI and Genting Singapore the biggest drag. The latter was also the day's most active stock - disappointing earnings resulting in the counter losing S$0.065 or 6.2 per cent at S$0.98 with 130.3 million shares traded.

SGX Comex Recommendations

INTERNATIONAL COMMODITY NEWS :
Gold prices gained in Asia on Wednesday after better than expected HSBC China flash PMI data, but copper lagged as the gains were seen from domestic demand instead of exports. On the Comex division of the New York Mercantile Exchange, gold futures for April delivery rose 1.02% to trade at $1,209.50 a troy ounce. The HSBC China February flash manufacturing PMI jumped to 50.1, well above the expected drop to 49.5 and up from January’s final 49.7.”Domestic demand firmed while new export orders contracted for the first time since April 2014. Both input and output prices remain in contraction,” said Q Hongbin, Chief Economist, China and joint head of Asian economic research at HSBC.”Today’s data point to a marginal improvement in the Chinese manufacturing sector going into the Chinese New Year period in February. However, domestic economic activity is likely to remain sluggish and external demand looks uncertain. We believe more policy easing is still warranted at the current stage to support growth.”

TRADING STRATEGY :
BUY GOLD ABOVE 1211.25 TARGET 1216.25 1222.25 SL 1205.25
SELL GOLD BELOW 1201.25 TARGET 1196.25 1190.25 SL 1207.25

SGX IForex Recommendations

TRADING TIPS :

GBP/USD hit 1.5474 during European morning trade, the session high; the pair subsequently consolidated at 1.5446. Investors remained cautious as Fed Chair Janet Yellen was to testify before the Senate Banking Committee in Washington later Tuesday, with market participants watching for any indication on when U.S. interest rates may start to rise.Last week’s minutes of the Fed’s January meeting were more dovish than expected, showing that some officials thought that raising rates too soon could weigh on the U.S. economic recovery, and that a deterioration in the global economic outlook could also pose a threat.The pound shrugged off a report by the Confederation of British Industry on Monday showing that its index of U.K. retailers plunged by 38.0 points to a 21-month low of 1.0 in February from 39.0 in January.

INTRADAY OUTLOOK

Support: 1.5401

Resistance: 1.5479

RECOMMENDATION:

1. Buy GBP/USD Above 1.5481-TG: 1.5501/1.5531 SL 1.5451

2. Sell GBP/USD Below 1.5399-TG: 1.5379/1.5349 SL 1.15429

INTRADAY OUTLOOK

Support: 1.1278

Resistance: 1.1350

RECOMMENDATION:

1. Buy EUR/USD Above 1.1352-TG: 1.1372/1.1402 SL 1.1322

2. Sell EUR/USD Below 1.1276-TG: 1.1256/1.1226 SL 1.1306

SGX Stock Recommendations

MARKET UPDATES :

• The Straits Times Index (STI) ended +16.31 points higher or +0.48% to 3437.61, taking the year-to-date performance to +2.15%.

• The FTSE ST Mid Cap Index gained +0.12% while the FTSE ST Small Cap Index gained +0.27%. The top active stocks were SingTel (+2.89%), DBS (+0.61%), OCBC Bank (+0.47%), UOB (+0.26%) and Keppel Corp (+0.46%).

• The outperforming sectors today were represented by the FTSE ST Telecommunications Index (+2.58%). The two biggest stocks of the FTSE ST Telecommunications Index are SingTel (+2.89%) and StarHub (+0.46%). The underperforming sector was the FTSE ST Industrials Index, which declined -0.56% with Jardine Matheson Holdings’ share price declining -1.70% and Jardine Strategic Holdings’ share price declining -0.45%.

• The three most active Exchange Traded Funds (ETFs) by value today were the Nikko AM Singapore STI ETF (-0.29%), IS MSCI In-dia (-0.13%), SPDR Gold Shares (+0.48%).

• The three most active Real Estate Investment Trusts (REITs) by value were CapitaMall Trust (+1.89%), Ascendas REIT (+1.64%), CapitaCom Trust (unchanged).

• The most active index warrants by value today were HSI25000MBeCW150330 (-7.22%), HSI24200MBePW150429 (+2.94%), HSI25000MBeCW150429 (-7.69%).

• The most active stock warrants by value today were OCBC Bk MBeCW150803 (-2.44%), Ezion MBeCW151102 (-8.14%), DBS MB eCW150915 (unchanged).

S&P Market News Update

U.S. stocks moved higher Tuesday, with the S&P 500 and Dow industrials closing at records, as the market read Federal Reserve Chairwoman Janet Yellen’s testimony before Congress as a reassurance that a rate hike might not occur until the second half of the year.

The S&P 500 SPX, +0.28%  finished up by 5.82 points, or 0.3%, at 2,115.48, while the Dow Jones Industrial Average DJIA, +0.51% gained 92.35 points, or 0.5%, to end at 18,209.19.

Forex Market Update

The dollar inched lower against the yen and euro after Federal Reserve Chairwoman Janet Yellen suggested the central bank’s first rate hike since 2006 may not occur until the second half of the year.

The dollar USDJPY, -0.23%  was at ¥118.89 Tuesday afternoon, compared with ¥118.83 late Monday in New York. The euro EURUSD, +0.05%  traded at $1.1342, compared with $1.1336.

Gasoline Market Update

Nymex reformulated gasoline blendstock for March RBH5, -0.48% —the benchmark gasoline contract—fell 2.6 cents, or 1.6%, to close at $1.6202 a gallon. 

Nymex natural-gas futures for March delivery NGH15, +0.96%  rose 2.3 cents, or 0.8%, to $2.902 per million British thermal units.

Oil Market Update

The U.S. crude-oil benchmark failed to hold on to initial gains Tuesday, losing ground for a fifth straight session as traders awaited the latest round of supply data.

On the New York Mercantile Exchange, West Texas Intermediate crude futures for delivery in April CLJ5, +0.04% lost 17 cents, or 0.3%, to close at $49.28 a barrel. WTI’s losing streak is the longest since August.

Brent crude for April delivery LCOJ5, +0.44%  on London’s ICE exchange also failed to hold on to initial gains, dropping 24 cents, or 0.4%, to close at $58.66 a barrel.

Copper Market Update

March copper HGH5, -0.40% advanced by 6 cents to $2.65 a pound. April platinum PLJ5, +0.98%  dipped by 30 cents to settle at $1,162.60 an ounce, while March palladium PAH5, +1.18%  gained $4.05 to $790 an ounce.

Gold Market Update

Gold prices on Tuesday edged down but finished off their session low after Federal Reserve Chairwoman Janet Yellen gave testimony to Congress.

Gold for April delivery GCJ5, +0.87% settled down $3.50, or 0.3%, at $1,197.30 an ounce. The contract dropped to an intraday low as Yellen’s prepared remarks hit, but then recovered much of that slide. Still, gold suffered a third straight session of declines, and it finished under the closely watched level of $1,200.

In other metals trading, March silver SIH5, +1.90%  lost 6 cents to settle at $16.19 an ounce.

Current Market Update

Tokyo (Nikkei Average NIK, +0.12% ) up 0.1% 
Hong Kong (Hang Seng Index HSI, +0.43% ) up 0.4% 
Shanghai (Shanghai Composite Index SHCOMP, +0.00% ) flat (at break)
Sydney (S&P/ASX 200 XJO, +0.33% ) up 0.5% 
Seoul (Kospi SEU, +0.71% ) up 0.7%
Mumbai (Sensex 1, +0.72% ) up 0.6% 

Taipei (Taiex Y9999, +0.51% ) up 0.5%

Asian Market Update

Asian stocks broadly rose Wednesday after US Federal Reserve chief Janet Yellen damped speculation of a rate hike before summer, and as eurozone finance ministers backed Greek reforms critical to avoiding a disastrous default.

The regional uptrend tracked fresh record highs on Wall Street and in Europe as investors breathed a cautious sigh of relief over the Greek package, which gives Athens a lifeline to pay its bills - for now - and sidestep an almost certain exit from the eurozone.

SGX Singapore Opening Market Update

SINGAPORE shares opened higher on Wednesday after US Federal Reserve chair Janet Yellen signalled a hike in interest rates was unlikely before mid-year.

At 9.20am, the benchmark Straits Times Index was up 2.61 points at 3,440.22. About 148 million shares, valued at S$124 million, changed hands. There were 108 gainers to 71 losers.

The most active stock was Genting Singapore, down six cents to S$0.985 a share due to the lower revenue and earnings it reported on Tuesday.

Singapore Exchange was up six cents at S$8.28 a share, despite CEO Magnus Bocker's surprise announcement that he was leaving the company after his contract ends this June.

SGX Singapore Closing Market Update

SINGAPORE share prices closed higher on Tuesday with the STI up 16.31 points to 3,437.61.

Volume was 1.07 billion shares worth S$1.25 billion.

Gainers outnumbered losers 226 to 194.

SGX Comex Recommendations

INTERNATIONAL COMMODITY NEWS :
Gold prices rose slightly in early Asia on Tuesday with China markets set to re-open on Wednesday and Greece still to turn over its list of reforms needed to secure further euro zone loans. On the Comex division of the New York Mercantile Exchange, gold futures for April delivery rose 0.14% to trade at $1,203.10. Overnight, Gold futures turned higher on Monday to reclaim the key $1,200-level, after data showed that U.S. existing home sales fell more than expected in January to hit the lowest level in nine months, dampening optimism over the health of the housing market. The National Association of Realtors said earlier that existing home sales decreased 4.9% to 4.82 million units last month from 5.07 million in December. Analysts had expected existing home sales to fall 0.8% to 4.97 million units in January.

TRADING STRATEGY :
BUY GOLD ABOVE 1205 TARGET 1210 1216 SL 1199
SELL GOLD BELOW 1197.50 TARGET 1192.50 1186.50 SL 1203.50

SGX IForex Recommendations

TRADING TIPS :
USD/JPYtraded at 119.06, up 0.03% against the dollar.The Bank of Japan is to publish the minutes of its latest policy meeting, which contain valuable insights into economic conditions from the bank’s perspective.The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was quoted at 94.40.Last week, the euro pushed higher against the dollar and the yen on Friday after euro zone finance ministers agreed on a deal to extend Greece’s bailout by four months. The euro zone approved the extension of Greece’s €240 billion bailout, removing concerns that the country would face a liquidity crunch when its current bailout agreement expired at the end of the month.

INTRADAY OUTLOOK
Support: 118.77
Resistance: 119.41

RECOMMENDATION:
1. Buy USD/JPY Above 119.43-TG: 119.63/119.93 SL 119.13
2. Sell USD/JPY Below 118.75-TG: 118.55/118.25 SL 119.05

INTRADAY OUTLOOK
Immediate Support: 1.1292
Immediate Resistance: 1.1372

RECOMMENDATION:
1. Buy EUR/USD Above -1.1374 TG: 1.1394/1.1424 SL 1.1344
2. Sell EUR/USD Below -1.1290 TG:1.1270/1.1240 SL 1.1320

SGX Stock Recommendations

MARKET UPDATES :

• The Straits Times Index (STI) ended -14.36 points lower or -0.42% to 3421.3, taking the year-to-date performance to +1.67%.

• The FTSE ST Mid Cap Index declined -0.21% while the FTSE ST Small Cap Index gained +0.14%. The top active stocks were Sing- Tel (-2.80%), DBS (+1.03%), UOB (-0.31%), CapitaLand (-1.36%) and Keppel Corp (-1.14%).

• The outperforming sectors today were represented by the FTSE ST Technology Index (+1.20%). The two biggest stocks of the FTSE ST Technology Index are Silverlake Axis (+2.71%) and STATS ChipPAC (-1.02%). The underperforming sector was the FTSE ST Telecommunications Index, which declined -2.46% with SingTel ’s share price declining -2.80% and StarHub ’s share price gain-ing+0.23%.

• The three most active Exchange Traded Funds (ETFs) by value today were the IS MSCI India (-0.37%), SPDR Gold Shares (- 1.29%), Nikko AM Singapore STI ETF (unchanged).

• The three most active Real Estate Investment Trusts (REITs) by value were CapitaMall Trust (-1.40%), Suntec REIT (+0.52%), Capi-taCom Trust (-0.28%).

• The most active index warrants by value today were HSI25000MBeCW150330 (-10.19%), HSI25000MBeCW150429 (-4.29%), HSI24600MBeCW150330 (-6.41%).

• The most active stock warrants by value today were DBS MB eCW150420 (+13.56%), OCBC Bk MBeCW150413 (+5.46%), SGX MB eCW150803 (+7.02%).