[DKKBF]Wednesday February 7, 5:25 PM Singapore stocks (round-up) -- Old economy versus new economy
The headline Straits Times Index closed Wednesday down 5.12 points -- 0.26% -- at 1,942.65.
Leading lender DBS ended 10 cents higher to S$19.50 ($11.20) while property giant City Developments added 15 cents to S$7.55.
Keppel Capital, one of Singapore's smaller banks, and hotel group Raffles Holdings will announce their results later today. The former climbed six cents to S$2.49 while the latter gained one cent to 51 Singapore cents. We see Raffles rising to 66 cents in coming months.
Keppel Fels Energy and Infrastructure, the rig-building arm of Keppel Corp, said its year 2000 net profit rose 10% to S$67m, which surpassed the consensus estimate of S$62m. But the stock was unchanged at S$1.07. We have a S$1.20 long-term price target for the stock.
Singapore Computer Systems, a company that provide IT services, reported a 25% jump in profits to S$20m. But the counter gave up earlier gains and fell three cents to S$2.25. Look for it to rebound to S$2.50 in coming weeks.
Systems integrator Datacraft Asia was among the bigger losers after key supplier Cisco's second-quarter results came in below expectations. The counter dropped 30 cents to $5.70.
Penny stocks like internet portal AsiaOne and internet telephony company MediaRing.com came under heavy profit taking, falling two cents and 1.5 cents to 24.5 Singapore cents and 26.5 Singapore cents respectively.
Market outlook -- Negative
IDEAglobal's technical desk sees the index falling. Support is at 1,939, 1,930 and 1,915 while resistance is at 1,967, 1,975 and 1,991.
IDEAglobal keeps you updated throughout the day's trade. To find out where markets are going and why, check out our market preview, mid-session report and closing report.
Look out for the STI's top movers at 04:30 GMT and 09:00 GMT.
For more in-depth analysis from IDEAglobal.com
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