Investors stayed cautious on Wednesday after a rally, leaving stocks little changed despite solid reports on new home sales and durable goods orders.
----------------------MARKET SNAPSHOT @ 0015 GMT ------------
INSTRUMENT LAST PCT CHG NET CHG S&P 500 1028.12 0.01% 0.120 USD/JPY 94.07 -0.15% -0.140
10-YR US TSY YLD 3.4347 -
0.000 SPOT GOLD 944.4 0.03% 0.300 US CRUDE 71.37 -0.08% -0.060 DOW JONES 9543.52 0.04% 4.23 ASIA ADRS 121.24 -0.02% -0.02
> Wall St ends flat; caution lingers after rally > Dollar gains as risk trade takes a breather > Solid bond auction beats summer doldrums > Gold ends slightly lower as dollar jumps > Oil falls on rising U.S. stockpiles
Stocks and factors to watch:
-- DBS GROUP HOLDINGS
- RBS downgraded DBS Group, Southeast Asia's biggest bank, to 'sell' from 'hold', citing lower confidence in the stock on concerns about deterioration in its asset quality. RBS also cut its target price for DBS to S$11.00 from S$13.50.
-- OVERSEA-CHINESE BANKING CORP
- RBS also downgraded Oversea-Chinese Banking Corp to 'sell' from 'hold' and lowered its target price for the stock to S$6.80 from S$8.00, citing a cut in earnings, the stock's unappealing valuation and its belief that the bank's asset quality may deteriorate.
-- UNITED OVERSEAS BANK
- RBS cut its target price for United Overseas Bank to S$17.00 from S$18.00, citing the stock's expensive valuation. It however maintained the stock's 'hold' rating as it believes that the bank should relatively outperform DBS and OCBC.
-- SINGAPORE EXCHANGE
- Citi raised its target price for Singapore Exchange to S$10.00 from S$9.50 after Citi Singapore Strategist Hak Bin Chua raised his target for the benchmark STI stock index to 3000 from
2700, on the prospect of a V
shaped recovery from recession.
-- ALLGREEN PROPERTIES
- Citi upgraded Allgreen Properties to 'buy' from 'sell' and raised the stock's target price to S$1.38 from S$1.15 on the belief that the firm was best positioned to capture the continued strength in the mass to mid-tier residential buying due to recent successful launches and its ongoing projects in China.
- Singapore's benchmark Straits Times Index rose 0.37 percent to 2,628.43 on Wednesday.
- The Dow Jones industrial average inched 0.04 percent higher to 9,543.52, while the Nasdaq Composite Index rose 0.01 percent to 2,024.43.
(Reporting by Brenda Goh; Editing by Neil Chatterjee)
((brenda.goh@thomsonreuters.com; +65 6403 5669))
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