Reuters: Hot Stocks: STOCKS NEWS SINGAPORE-Index down, stuck below 200-day MA

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STOCKS NEWS SINGAPORE-Index down, stuck below 200-day MA May 23rd 2012, 05:51 Wed May 23, 2012 1:51am EDT Singapore shares were lower by midday Wednesday, with the index struggling near a four-month low and below its 200-day moving average. The Straits Times Index (STI) was down 1.3 percent at 2,787.72 points, largely in line with weak regional markets on investor concern about the euro zone debt crisis. The STI fell below its 200-day moving average last week after staying above that level for more than three months. CIMB Research said it remained overweight on the Singapore market, citing "decent valuations". It maintained its target of 3,340 points on the STI for the end of the first half of the year, based on a 2013 price-earnings ratio of 14 times. The broker's top picks included CapitaCommercial Trust , which owns office and retail assets in Singapore, oil services firm Ezion Holdings Ltd and energy, water and marine group Sembcorp Industries Ltd. Civil engineering company Swee Hong Ltd jumped 20 percent above its initial public offering price of S$0.225 on its trading debut. It was the third-highest traded stock by volume on the Singapore bourse. By midday, Swee Hong shares were trading at S$0.27 on volume of 47.7 million shares. 1257 (0457 GMT) (Reporting by Eveline Danubrata in Singapore; eveline.danubrata@thomsonreuters.com) ********************************************************** 11:16 STOCKS NEWS SINGAPORE-UOB bullish on tourism, hospitality UOB Kay Hian said Singapore's tourism and hospitality sector is expected to benefit from strong visitor arrivals to the city-state. UOB forecast visitor arrivals to reach 17 million by 2015, showing a compound annual growth rate (CAGR) of 6.5 percent, higher than the historical 15-year CAGR of 4 percent. "The market has underestimated visitor arrival growth potential, especially from the new growth avenues brought in by low-cost carriers, the International Cruise Terminal and new attractions including the River Safari at Mandai and Gardens by the Bay," UOB said. The growth is supported by Singapore's growing stature as a major destination for gaming, medical tourism, as well as meetings, incentives, conferences and exhibitions, the broker said. It maintained its "overweight" rating on the tourism and hospitality sector. Its stock picks were Ascott Residence Trust , CDL Hospitality Trusts, Genting Singapore Plc, Raffles Medical Group Ltd and Starhill Global REIT. 1103 (0303 GMT) (Reporting by Eveline Danubrata in Singapore; eveline.danubrata@thomsonreuters.com) ********************************************************** 10:11 STOCKS NEWS SINGAPORE-OCBC starts hold on ComfortDelGro OCBC Investment Research initiated a "hold" rating and a target price of S$1.53 on Singapore transport operator ComfortDelGro Corp Ltd, whose main operating segments are buses and taxis. Its shares eased 0.7 percent to S$1.47, faring slightly better than the benchmark Straits Times Index, which lost 1.2 percent. The stock has gained nearly 4 percent so far this year. For the 2003-2011 fiscal years, ComfortDelGro's revenue grew at a "decent" compound annual growth rate of 8 percent, and its recent first-quarter results showed broad-based increases across most operating segments, OCBC said. OCBC projected ComfortDelGro's revenue to continue its upward trajectory, although at a slower pace, on the back of rising ridership levels on its bus and rail operations, greater fleet utilisation and more cashless transactions in its Singapore taxi business. But OCBC said the company's operating margins may face some pressure from regulations and public sentiment that could make it harder to raise fares, and higher operating expenses and expansion costs related to the upcoming Downtown Line in Singapore. 0952 (0152 GMT) For a related story, click link.reuters.com/puc48s (Reporting by Eveline Danubrata in Singapore; eveline.danubrata@thomsonreuters.com) ********************************************************** 08:54 STOCKS NEWS SINGAPORE-Index futures fall 0.8 pct Singapore index futures fell 0.8 percent early on Wednesday, indicating a lower start for the benchmark Straits Times Index. Seoul shares fell 1.3 percent, Australian shares retreated 1.1 percent, and Tokyo shares lost 1 percent in early Asian trading. 0848 (0048 GMT) (Reporting by Eveline Danubrata in Singapore; eveline.danubrata@thomsonreuters.com) Link this Share this Digg this Email Reprints

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