SINGAPORE, Nov 12 (Reuters) - Singapore Telecommunications
and Wilmar may be in focus on Wednesday, after the former
reported a larger-than-expected drop in quarterly profit while
the palm oil firm's profits more than doubled on higher sales.
U.S. stocks fell on Tuesday as faltering demand at aluminium
maker Alcoa and a dismal outlook from Tcyo International showed
the global economic slowdown is deepening.
----------------------MARKET SNAPSHOT @ 0029 GMT ------------
INSTRUMENT LAST PCT CHG NET CHG
S&P 500 .SPX 898.95 -2.2% -20.260
USD/JPY JPY= 97.42 -0.26% -0.250
10-YR US TSY YLD US10YT=RR 3.7451 -- -0.015
SPOT GOLD XAU= 734.25 0.48% 3.500
US CRUDE CLc1 58.68 -1.10% -0.650
DOW JONES .DJI 8693.96 -1.99% -176.58
ASIA ADRS .BKAS 90.23 -5.68% -5.43
-------------------------------------------------------------
>Wall St slides as Tyco, Alcoa feed economic worries
[.N] >Dollar rises to 2-week highs on global growth worries
[USD/] >Treasuries-Bonds gain as stocks fade, 3-year notes
return [US/] >Gold falls on dollar rise, stock market woes
[GOL/] >Oil drops 5 pct to $59 as demand weighs
[O/R]
Stocks and factors to watch:
-- Singapore Telecommunications (STEL.SI)
- SingTel, Southeast Asia's largest phone firm, said on
Wednesday quarterly profit fell a larger-than-expected 12
percent and saw lower full-year contributions from its regional
associates due to a stronger domestic currency.
Profits were hit by subsidies for its iPhone launch and a
stronger Singapore dollar versus regional currencies.
[ID:nSIN296621]
- Wilmar (WLIL.SI)
- Wilmar, the world's largest listed palm oil firm, said on
Wednesday its quarterly net profit climbed 147 percent to a
record on higher sales and improved margins.
The firm expects a credible performance in the fourth
quarter and said with its low debt-to-equity ratio, it would
continue to look for investment opportunities to grow. The
result came despite plummeting prices for palm oil
[ID:nSP380516]
- STX Pan Ocean STXP.SI
- STX Pan Ocean said on Wednesday it was planning to invest
in an extra four oil/chemical tankers for around $105 million
in 2008, for the development of its North American business.
- Tat Hong (TAT.SI)
- Crane firm Tat Hong reported on Tuesday a 3 percent drop
in second quarter profit and said its operating climate would
be affected by the financial crisis with a slowdown in
equipment sales and exchange rate fluctuations.
JPMorgan in a report maintained Tat Hong at "overweight",
with a target price of S$1.00, and said there was upside risk
with the firm breaking into the Chinese tower crane market in
the last few months, where it could benefit from a government
stimulus package.
- Singapore's benchmark Straits Times Index .FTSTI fell
4.14 percent to 1,806.96 points on Tuesday.
- The Dow Jones Industrial Average .DJI fell 1.99 percent
to 8,693.96 points and the Nasdaq Composite Index .IXIC
closed 2.22 percent down to 1,580.90 points.
(Reporting by Neil Chatterjee; Editing by Ben Tan)
