Singapore Hot Stocks-ST Engineering in focus on upgrade

SINGAPORE, Oct 28 (Reuters) - Defence contractor Singapore
Technologies Engineering (STEG.SI) and insurer Great Eastern
(GELA.SI) may be in focus on Wednesday after upgrades on their
investment recommendations.

The S&P 500 and the Nasdaq fell on Tuesday as investors
booked profits following the stock market's recent run-up,
while a weaker-than-expected reading on a measure of consumer
confidence raised doubts about spending.

----------------------MARKET SNAPSHOT @ 0006 GMT
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INSTRUMENT LAST PCT CHG NET CHG
S&P 500 .SPX 1063.41 -0.33% -3.540
USD/JPY JPY= 91.69 -0.09% -0.080
10-YR US TSY YLD US10YT=RR 3.4636 -- 0.011
SPOT GOLD XAU= 1040.15 0.13% 1.350
US CRUDE CLc1 79.69 0.18% 0.150
DOW JONES .DJI 9882.17 0.14% 14.21
ASIA ADRS .BKAS 122.44 -0.71% -0.88
------------------------------------------------------------- >
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Dollar hits 2-week high as consumer confidence falls [USD/] >
Prices rise on consumer data, strong note auction [US/] >
Gold futures end lower as weak data boosts dollar [GOL/] >
Oil rises above $79 as U.S. fuel demand firms [O/R]

Stocks and factors to watch:

-- SINGAPORE TECHNOLOGIES ENGINEERING

- J.P. Morgan upgraded ST Engineering to "overweight" and
raised its December 2010 price target by 71 percent to S$3.50
from S$2.05, saying the weakness in the aerospace sector has
not dampened the group's overall growth momentum.

-- GREAT EASTERN HOLDINGS LTD

- Credit Suisse upgraded Great Eastern to an "outperform"
and raised its price target by 20 percent to S$15.41 from
S$12.84 to reflect its better-than-expected insurance profits.

- Singapore's benchmark Straits Times Index .FTSTI fell
0.81 percent to 2,694.50 points on Tuesday.

- Asian stocks are likely to make a cautious start on
Wednesday after Wall Street fell on profit taking and a weak
consumer confidence reading prompted caution in discretionary
shares.

- The Dow Jones Industrial Average .DJI gained 0.14
percent to 9,882.17 points while the Nasdaq Composite .IXIC
declined 1.2 percent to 2,116.09 points.
(Reporting by Nopporn Wong-Anan; editing by Muralikumar
Anantharaman)