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STI to cross 3000 boosted by long-term investors

WanSiTong
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13-Apr-2015 17:15

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Singapore market may get a boost if rally in HK, China continues: Maybank Kim Eng

SINGAPORE (April 13): The Singapore stock market could get a boost if the rally in China and Hong Kong shares continues for a few months, says Maybank Kim Eng.

Stocks in China have surged on speculation that policy makers will do more to support growth in the Chinese economy.

The buying frenzy spread to Hong Kong in recent weeks as Chinese investors sought out bargains in the former British colony using the Shanghai-Hong Kong trading link.

Hopes that investment quotas for mainland investors will be raised to accommodate heavy capital inflows further fuelled Hong Kong shares, driving the Hang Seng Index up 10% in the last two weeks.

" Chinese and Hong Kong markets have soared on liquidity inflows," Ng Wee Siang, Maybank Kim Eng' s Singapore research head, wrote in a note today.

" (This) could wash to Singapore' s shores if both rallies are sustained."

Sectors in Singapore that stand to gain include consumer, healthcare, gaming, property, retail and hospitality, he said.

Beneficiaries in these sectors include OSIM International , Q& M Dental, Genting Singapore , CapitaLand , CDL Hospitality Trusts and Starhill Global REIT .

S-chips such as SIIC Environment, China Everbright Water, Yangzijiang Shipbuilding and Cosco Corp may also re-rate, according to Ng.

That said, Maybank Kim Eng still has a " neutral" call on the Singapore market. Its end-2015 target for the Straits Times Index is 3,440 points, based on 14 times projected 2015 earnings.

" A convincing earnings recovery looks remote at this point," said Ng.

At the STI' s current level, which values the market at 14 times earnings, Singapore is " not cheap" given its projected compounded annual earnings-per-share growth rate of 8% for 2015 to 2016, he said.

In price-to-book terms, the local market is trading below its seven-year average of 1.4 times.

" This is, however, justifiable, as its ROEs (returns on equity) are expected to stay low in the region of 10% in 2015-16."

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WanSiTong
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13-Apr-2015 08:31

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Market Preview

Singapore shares seen rising eyes on earnings as reporting season gets underway

SINGAPORE (April 13): Singapore shares may open higher following Wall Street' s gains last Friday, although upside may be modest with investors keeping watch on local corporate earnings as the March-quarter reporting season kicks off this week.

The Dow Jones Industrial Average rose 0.6% to 18,057.65, the S& P 500 climbed 0.5% to 2,102.06 and the Nasdaq Composite put on 0.4% to 4,995.98.

In Singapore, the Straits Times Index ended 0.4% higher at 3,472.38 last Friday.

COMPANIES IN THE NEWS:

Mercator Lines (Singapore) has engaged an independent financial adviser to review and help improve its financial health, citing a sharp deterioration in the dry bulk shipping market.

Mercator Lines shares ended 1.9% lower at 5.3 cents last Friday.

Sarine Technologies said it expects to " more or less break even" in 1Q2015 amid a downturn in the diamond industry.

Sarine shares ended 0.4% higher at $2.55 last Friday.

Sing Holdings ' non-executive chairman Lee Fee Huang will retire from the property developer' s board of directors on April 28, when it holds its annual general meeting.

Lee, 86, will be given the title " founding chairman" in recognition of his contributions to Sing Holdings over the past five decades.

Sing Holdings shares ended 1.6% higher at 32 cents last Friday.

Magnus Energy has set up a new subsidiary to trade physical energy and natural resources.

Magnus Energy shares ended flat at 0.3 cent last Friday.

DeClout has formed a new subsidiary in Shenzhen for R& D and to provide IT consultancy services.

DeClout shares ended flat at 25 cents last Friday.

Sino Construction said its $16-million convertible bond sale agreement has lapsed as certain conditions were not met.

Sino Construction shares ended 16.7% higher at seven cents last Friday.

CNA Group is in talks with the management committee of the Dongying Economic Development Zone to transfer its wastewater treatment plant to a third party in order to focus on its core business.

CNA shares ended 3.7% higher at 2.8 cents last Friday.

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teeth53
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11-Apr-2015 20:34

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Code	Name	Ind	Rmk	Open	Last	Change	% Change	Volume	Bid Volume	Bid	Ask	Ask Volume	High	Low	EP	Sector
F3V	SinoConstruction	CPF	--	0.063	0.070	+0.010	+16.7	156,745,400	4,722,300	0.069	0.070	142,400	0.072	0.063	0.000	CONS
5GB	SIIC Environment	CPF, M	--	0.200	0.193	-0.007	-3.5	106,100,800	3,308,600	0.193	0.194	86,100	0.205	0.188	0.000	SERV
545	Vallianz	CPF, M	CD	0.067	0.070	+0.003	+4.5	104,250,100	4,824,000	0.069	0.070	223,200	0.072	0.067	0.000	COMM
N21	Noble	M	--	0.840	0.890	+0.030	+3.5	96,161,500	1,000,300	0.885	0.890	1,721,800	0.895	0.825	0.000	COMM

Noble was in the news, and was the counter in focus by players both from shortist to longists, as well as those watching by the side lines. Just when Muddy Waters declared their intention.

As such the report on Noble is 10 months old and Noble is down by 38% already.

It shares fell by 5.5% last Thursday, than last Friday, it shares held it own ground up +3.5% or +0.030c to [email protected].

Reminded me of George Soros. Asian financial crisis was a period of financial crisis that gripped much of East Asia beginning in July 1997 and raised fears of a worldwide economic meltdown due to financial contagion. http://en.wikipedia.org/wiki/1997_Asian_Financial_Crisis

George Soros. Chairman of Soros Fund Management. He is known as " Man Who Broke Bank of England" for his short sale of US$10 billion worth of pounds, giving him a profit of $1 billion during the 1992 Black Wednesday UK currency crisis.

teeth53 thot - Noble can show it prowess, just like OLAM.

WanSiTong ( Date: 10-Apr-2015 17:47) Posted:

Market Close

Singapore shares advance, with even blue chips in demand

SINGAPORE (April 10): Singapore shares ended higher, drawing strength from gains in most Asian markets.

Gainers outnumbered decliners 320 to 139.

Even blue chips chalked up notable gains, having severely underperformed small caps in the last few sessions.

Nearly 2.7 billion shares worth $1.31 billion changed hands, compared with 3.03 billion worth $1.36 on Thursday, when volumes reached a year-to-date high.

The Straits Times Index rose 0.4% to 3,472.38.

Noble Group rebounded, following a selloff in the previous session triggered by short-seller Muddy Waters' allegations that the commodities trader was financially unsound.

The stock rose 3.5% to 89 cents, with 96.2 million shares traded. The commodities trader put out a detailed defence of its financial health and business dealings before trading started.

Genting Singapore climbed 4.1% to $1.015, ending above $1.00 for the first time since Feb 24.

Singapore Exchange rose 2.8% to $8.21 as the recent pickup in trading activity in the local market fuelled hopes of higher clearing fees for the bourse operator, which is slated to report its March-quarter results on April 22.

Sino Construction was the most active stock in the market, up 16.7% at seven cents, with 156.7 million shares traded. The keen trading activity prompted queries from the Singapore Exchange.

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KepoChicken
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11-Apr-2015 09:20

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yesterday afternoon, I got whole afternoon meeting with client, cannt check the stock.

Just to take profit 1st..1500. enough to pay 2 months rental, not bad.

I am just small player.

RoundRound ( Date: 11-Apr-2015 09:02) Posted:

KepoChicken, this time you may have sold your counters (not just on Yuuzoo) too early as a sustained mini-rally could have just started.

Singapore's stock market is getting a lot more liquidity this trading week, we have gainers outpaced losers by a big margin (an important indicator of positivity in the market), HK & Shanghai exchanges rocketed to new territory in nearly 7 years and STi is now playing catch-up.

I have positioned myself to ride on this mini-rally since last week..... HUAT ARRHH

KepoChicken ( Date: 10-Apr-2015 13:27) Posted:

I sold

Mercuries

Yoo Zoo

Moya

IPC

already. For those still flighting, good luck to you

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RoundRound
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11-Apr-2015 09:02

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KepoChicken ( Date: 10-Apr-2015 13:27) Posted:

I sold

Mercuries

Yoo Zoo

Moya

IPC

already. For those still flighting, good luck to you

WanSiTong ( Date: 10-Apr-2015 12:48) Posted:

Noon Market

Singapore shares advance Noble rebounds, SGX rallies

SINGAPORE (April 10): Gains in most Asian bourses following an uptick in US markets overnight kept Singapore shares higher.

At 12:21pm (0421 GMT), gainers outnumbered decliners by two to one.

The Straits Times Index was 0.5% higher at 3,478.50.

Even Noble Group , which tumbled yesterday on Muddy Waters' allegations, rebounded. The stock was up 2.3% at 88 cents.

" The biggest risk for (Noble' s) business remains with the perception that key counterparties may have," said Nicholas Teo, an analyst at CMC Markets in Singapore.

This group could include bankers and trade creditors, with any unfavorable change in credit lines or terms of trade being a larger risk than the negative moves in share price.

" If we use Noble' s credit default swap as a gauge for the risk perceived by this group of stakeholders, they certainly did not show any heightened state of alarm."

Singapore Exchange rose 3.1% to $8.24 as the recent pickup in trading activity in the local market, involving mainly small caps, fuelled hopes of higher clearing fees for the bourse operator.

Sino Construction remained the most active stock in the market, up 15% at 6.9 cents, with more than 123 million shares traded.

The company said in response to SGX' s queries that it was not aware of any reason for the strong trading interest in its shares.

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teeth53
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11-Apr-2015 08:30

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STI SURGES TO 7 YEARS HIGH. :)

THERE were three main features worthy of talking about in the past week - Hong Kong's massive out performance which has led to more than the usual envious glance from local players.

A sudden resurgence of interest in micro-penny stocks after more than a year of no interest and a second short-selling attack on Noble Group in three mths, this time by well-known short seller Muddy Waters.

HK mkt there was closed for three days b'cos of Easter and so is supposed to catch up with a China market that rallied during that period seen as being undervalued relative to China and opened up to China investors recently, investors reportedly hungry to put large amounts of cash into stocks.

As a result, the Hang Seng Index exploded on the upside this week, gaining an eye-watering 1,997 points or 8% over four trading days.

Blue chip on the roll as the Straits Times Index surges on Friday to 7 years high rose 12.08 points to 3,472.38, bringing its gain for the week to 20 points or 0.6%.

Turnover on Friday was 2.7 billion units worth S$1.3 billion or an average of S$0.48.

Seventeen of the 20 most actively traded stocks were penny counters, cost less than S$0.20 cents.

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WanSiTong
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11-Apr-2015 07:24

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Dow +0.55% 18,057.65 / +98.92

Nasdaq +0.43% 4,995.98 / +21.41

S& P +0.52% 2,102.06 / +10.88

GE sparks broad Wall St. rally indexes post weekly gains

U.S. stocks ended a strong week with a broad rally on Friday as investors lauded GE' s decision to divest most of its high-risk GE Capital business and repurchase up to $50 billion of its shares.

All 10 primary S& P 500 sectors ended up on the day but the S& P Industrials index, driven by gains in GE shares, was by far the best performer and rose 1.5 percent.

General Electric rose 10.8 percent to $28.51, hitting its highest level since September 2008 after it said there was potential to return more than $90 billion to investors through 2018.

Friday marked the biggest one-day jump for the stock, as well as the most active session, since March 2009. More than 351 million shares changed hands, making GE the most active name on the New York Stock Exchange by far. It was also the S& P 500' s biggest percentage gainer.

" This is indicative of a broader trend, a refocus on shareholders, and that can provide a support for markets," said David Lebovitz, global market strategist for J.P. Morgan Asset Management in New York. " If we continue to see buybacks and higher dividends, and I suspect we will, that makes a more convincing case for equities going forward."

The Dow Jones industrial average rose 98.92 points, or 0.55 percent, to 18,057.65, the S& P 500 gained 10.88 points, or 0.52 percent, to 2,102.06 and the Nasdaq Composite added 21.41 points, or 0.43 percent, to 4,995.98.

For the week, the Dow is up 1.6 percent, the S& P is up 1.7 percent and the Nasdaq is up 2.3 percent. Both the Dow and S& P notched their second straight week of gains, helped by a pickup in merger activity.

Investors are looking ahead to the first-quarter earnings season. While some companies reported this week, next week will see results from a number major firms, including several banks. Profits of companies on the S& P 500 are projected to have declined by 2.9 percent in the first three months from a year ago, according to Thomson Reuters data.

" There' s a bit of a rough patch ahead, but I think we should be able to jump over lower expectations," said Lebovitz, " I don' t anticipate a sharp fall in stocks throughout the season."

Advancing issues outnumbered declining ones on the NYSE by 1,782 to 1,232, for a 1.45-to-1 ratio on the upside on the Nasdaq, 1,603 issues rose and 1,100 fell for a 1.46-to-1 ratio favoring advancers.

The benchmark S& P 500 index was posting 26 new 52-week highs and no new lows the Nasdaq Composite was recording 93 new highs and 21 new lows.

About 5.47 billion shares traded on all U.S. platforms, according to BATS exchange data, down from the month-to-date average of 6.22 billion.

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risktaker
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10-Apr-2015 22:08

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Why oil moving up.....

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KepoChicken
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10-Apr-2015 13:27

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I sold

Mercuries

Yoo Zoo

Moya

IPC

already. For those still flighting, good luck to you

WanSiTong ( Date: 10-Apr-2015 12:48) Posted:

Noon Market

Singapore shares advance Noble rebounds, SGX rallies

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WanSiTong
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10-Apr-2015 12:48

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Noon Market

Singapore shares advance Noble rebounds, SGX rallies

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GuavaXF30
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10-Apr-2015 08:51

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Today is Friday. I have a feeling we will see a penny run-out. No fundamentals. Just bored BB' s stroking the fire.

WanSiTong ( Date: 10-Apr-2015 08:19) Posted:

Market Preview

Penny stocks seen hogging the spotlight amid a lack of leads

April 10, 2015 : 8:00

SINGAPORE (April 10): With few leads to guide the market, attention is likely to fall again on penny stocks, many of which have been rallying on strong volume in recent weeks.

Overnight, the Dow Jones Industrial Average rose 0.3% to 17,958.73, the S& P 500 climbed 0.5% to 2,091.18 and the Nasdaq Composite put on 0.5% to 4,974.56.

In Singapore, the Straits Times Index closed flat at 3,460.30 yesterday.

COMPANIES IN THE NEWS:

SMRT Corp has formed an equal joint venture with Faiveley Transport to offer maintenance, repair and overhaul services (MRO) to railway operators in Southeast Asia.

Faiveley is a French company that supplies equipment such as platform doors and braking systems to manufacturers, operators and maintenance companies in the railway industry.

SMRT shares ended 0.9% lower at $1.605 yesterday.

Singtel' s digital business head Jonathan Auerbach has relinquished his role as the telco reshuffles its senior management team to sharpen its focus on core businesses.

Auerbach plans to head back to the US but will still be involved with Singtel as chairman of HOOQ, the telco' s premium video business, and director of Amobee, its digital marketing arm.

Among other changes, group chief financial officer Jeann Low relinquishes her role to become group chief corporate officer.

Singtel shares ended 0.2% lower at $4.37 yesterday.

TEE International , an engineering and real estate investment firm, said its earnings for the quarter ended Feb 28 fell to $133,000 from $567,000 a year earlier, hurt by lower gross profit margins and higher administrative and finance costs.

TEE International shares ended flat at 26 cents yesterday.

ISR Capital' s independent auditors, RT LLP, have warned that the company may not be able to continue as a going concern.

ISR Capital shares were not traded yesterday. They last closed at 2.2 cents.

Aspial Corp has sold a penthouse apartment at its residential development in Melbourne for a record $25 million, making it the most expensive unit in Australia.

Aspial shares ended flat at 39 cents yesterday.

Hong Leong Asia ' s subsidiary China Yuchai International has formed a joint venture with a Chinese company to sell off-road engines in Europe.

Hong Leong Asia shares ended flat at $1.335 yesterday.

Keppel DC REIT, which listed in December, reported a distribution per unit of 1.94 cents for the period from Dec 12 to March 31.

Net property income came in at $26.1 million, 2% above its forecast.

Keppel DC shares fell 0.5% to $1.015 yesterday.

Viva Industrial Trust has secured sporting goods retailer Decathlon Singapore as its first retail anchor tenant for its Technopark@Chai Chee development.

Viva Industrial shares ended 0.6% lower at 80.5 cents yesterday.

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WanSiTong
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10-Apr-2015 08:19

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Market Preview

Penny stocks seen hogging the spotlight amid a lack of leads

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WanSiTong
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10-Apr-2015 07:25

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Dow +0.31% 17,958.73 / +56.22

Nasdaq +0.48% 4,974.57 / +23.75

S& P +0.45% 2,091.18 / +9.28

Wall Street Ends Higher on Energy Rebound

U.S. stocks rose Thursday, with energy shares leading the advance as crude oil rebounded off a sharp decline, while investors bet that companies would top lowered expectations this earnings season.

The day' s gains were broad, with eight of the S& P 500' s 10 industry sectors up on the day. The market extended its gains in afternoon trading, putting the S& P 500 about 1.3 percent away from its record close.

Equities have struggled for direction of late, with investors seeing limited upside potential in equities, but also few alternatives for yield. Many investors are looking ahead to the first-quarter earnings season for market guidance.

Earnings for S& P 500 companies are seen falling 2.8 percent in the first quarter, according to Thomson Reuters (TRI) data, compared with the rise of 5.3 percent that had been forecast on Jan. 1. The drop in profits is largely related to strength in the dollar, which analysts said wouldn' t necessarily be a long-term detriment to stock prices.

" To the extent the dollar means companies are losing business, it' s a problem, but if earnings are just being translated into a stronger dollar, that' s less of a problem," said Jim McDonald, chief investment strategist at Northern Trust Asset Management in Chicago.

" An earnings recession is only a real problem for stocks if it is accompanied by an economic recession, which isn' t the case here. We' re positioned for an upside move as expectations have been lowered to the point where we' re set up for a positive surprise."

Earnings Season

The energy sector climbed 1.5 percent on the back of a 1.8 percent rise in Brent crude, which rebounded from a drop of 6 percent Wednesday. Continued uncertainty about an agreement on Iran' s nuclear program also provided a lift. ConocoPhillips (COP) rose 3.4 percent to $67.

In the latest economic data, jobless claims rose in the latest week, though the rise was smaller than anticipated.

The Dow Jones industrial average (^DJI) rose 56.22 points, or 0.31 percent, to 17,958.73, the Standard & Poor' s 500 index (^GSPC) gained 9.29 points, or 0.45 percent, to 2,091.19 and the Nasdaq composite (^IXIC) added 23.74 points, or 0.48 percent, to 4,974.57.

Declining issues outnumbered advancing ones on the NYSE by 1,513 to 1,506, for a 1.00-to-1 ratio on the downside on the Nasdaq, 1,393 issues fell and 1,314 advanced for a 1.06-to-1 ratio favoring decliners.

The benchmark S& P 500 index was posting 13 new 52-week highs and 1 new lows the Nasdaq composite was recording 76 new highs and 29 new lows.

About 5.78 billion shares traded on all U.S. platforms, according to BATS exchange data, below the month-to-date average of 6.25 billion.

What to watch Friday:

The Labor Department releases import and export prices for March at 8:30 a.m. Eastern time.
The Treasury Department releases federal budget for March at 2 p.m.

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victortan
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09-Apr-2015 17:58

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HK soar cos china people are buying, now property cannot mke $, they want to speculate stock

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WanSiTong
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09-Apr-2015 13:49

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Noon Market

Blue chips waver but penny stocks remain in play

April 9, 2015 : 1:33 PM

SINGAPORE (April 9): Singapore shares were mostly higher at midday but blue chips, led by Noble Group , wavered.

At 1:23pm (0423 GMT), the Straits Times Index was down 0.1% at 3,456.01, off its morning high of 3,476.

Noble fell 5.5% to 86 cents on strong volume after short-seller Muddy Waters issued a 14-page report attacking the company' s financial health and accounting practices.

The commodities trader has yet to respond to the allegations.

Small caps mostly fared better, keeping the market breadth positive.

SIIC Environment was the most active stock in the market, up 8.5% at 20.5 cents, with more than 132 million shares traded.

The company was queried by the Singapore Exchange yesterday over the stock' s 10.5% gain.

Other heavily traded penny stocks included IPCO International up 80% at 0.9 cent PNE Micro Holdings, up 3.7% at 5.6 cents and Xpress Holdings down 5.6% at 1.7 cents.

Ezra Holdings fell 2.3% to 43 cents after several broking houses downgraded their rating and price targets on the stock, citing the company' s weak February-quarter earnings and uncertainty over its business outlook.

" Both subsea and offshore support are facing headwinds of rate cuts and margin pressure," CIMB analyst Lim Siew Khee wrote in a note.

" We believe 10%-20% day-rate cuts are inevitable," she said, downgrading her rating to " reduce" from " add" and lowering her price target to 38 cents from 83 cents.

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WanSiTong
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09-Apr-2015 08:06

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Market Preview

Any upside for Singapore shares likely to be modest

SINGAPORE (April 9): Any upside for Singapore shares, especially blue chips and mid caps, is likely to be modest ahead of the March-quarter earnings season, which heads into full swing next week.

Penny stocks are likely to dominate trading again.

Overnight, the Dow Jones Industrial Average rose 0.2% to 17,902.51, the S& P 500 climbed 0.3% to 2,081.90 and the Nasdaq Composite put on 0.8% to 4,950.82.

In Singapore, the Straits Times Index ended 0.1% lower at 3,460.68 yesterday.

COMPANIES IN THE NEWS:

DBS has signed a US$1.2-billion ($1.6-billion) distribution agreement with Manulife Financial Asia, giving its customers in Singapore, Hong Kong, Mainland China and Indonesia access to the insurer' s products.

DBS shares rose 0.7% to $20.47 yesterday.

Noble Group has hired 15 banks to put together a US$2.25-billion ($3.05-billion) syndicated loan.

It will use the unsecured revolving loan to refinance some debt and for general corporate purposes.

Noble shares ended 2.7% lower at 91 cents yesterday.

GuocoLand reported earnings of $49.5 million for the quarter ended March 31. It earned $21.5 million a year earlier.

GuocoLand shares ended 1.4% higher at $1.845 yesterday.

Heeton Holdings , Lian Beng Group , Ryobi Kiso Holdings and KSH Holdings have jointly acquired a freehold property in London for about $31 million.

The property will be redeveloped into an 85-room serviced residence.

Lian Beng shares ended 0.9% lower at 56 cents yesterday. Riyobi fell 10.3% to 10.5 cents while KSH was flat at 50.5 cents. Heeton shares were not traded. They last closed at 61 cents.

United Envirotech will acquire China-based wastewater treatment firm Bishui Lantian Co for RMB500 million ($111.1 million).

It will use internal funds, bank loans and proceeds from its medium-term note programme to pay for the acquisition.

Movie producer mm2 Asia will pay $3.06 million for a 51% stake in Vividthree Productions, a 3D animation firm.

mm2 shares ended flat at 26 cents yesterday.

Indofood Agri Resources has denied a Reuters report that said the company would spend at least US$150 million to build a sugar mill in Indonesia.

Indofood shares ended 1.4% lower at 73 cents yesterday.

Technics Oil & Gas has acquired a building at Loyang Way for $4.2 million.

Technics shares rose 0.7% to 70 cents yesterday.

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WanSiTong
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09-Apr-2015 07:28

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Stock mania spreads to Hong Kong as Chinese buyers hunt bargains

SINGAPORE (April 9): The frenzy that made Chinese stocks the world' s best performers is spilling over the border into Hong Kong.

After propelling the Shanghai Composite Index to a 90 percent rally in the past 12 months, mainland investors are buying as many Hong Kong equities through the exchange link as regulators will allow.

Turnover in the former British colony jumped to a record on Wednesday, volatility surpassed that of Shanghai and the Hang Seng Index surged the most since 2011.

The rally spilled over into New York, with a Bloomberg index of US-traded Chinese companies surging to a record high.

Hong Kong' s US$4.7 trillion stock market is catching up with its Chinese counterpart after valuation discounts in the city reached the most extreme levels since 2011 and mainland authorities made it easier for domestic funds to use the cross-border bourse link.

Columbia Threadneedle Investments and ABN Amro Private Banking say price gaps will keep shrinking as investors look for cheaper ways of betting on a recovery in the world&rsquo s second-largest economy.

" We' ve got the domestic liquidity from China making a statement that the Chinese economy is doing fine and shares are undervalued in Hong Kong," said Ng Soo Nam, the Singapore-based head of Asian equities at Columbia Threadneedle, which manages about US$506 billion globally.

" Liquidity can now move between the two markets as there are less restrictions."

On the mainland, stocks are surging as investors open new trading accounts at an unprecedented pace and take out record loans to buy shares.

Valuation gaps
The rally pushed prices for yuan-denominated A shares to the most expensive level in three years last month versus their dual-listed Hong Kong counterparts, known as H shares, according to the Hang Seng China AH Premium Index.

The premium has slipped to 28 percent from its March 26 high of 36 percent.

While analysts have long predicted that the bourse link would help narrow valuation gaps, inflows into Hong Kong were tepid for the first four months of the program.

Demand started to grow after China expanded the number of local fund-management companies eligible to use the connect on March 27.

" Access will broaden from here and will help reduce the A-H premium," Laura Wang, a China strategist at Morgan Stanley in Hong Kong, said in a phone interview. " H shares are also trading at quite cheap levels."

The 10.5 billion-yuan quota for buying Hong Kong stocks through the link ran out at 2:08pm local time on Wednesday, after purchases swamped the previous record in the first half-hour of trading.

Total turnover on the Hong Kong exchange climbed to HK$250 billion, while the Hang Seng Composite Index&rsquo s 10-day volatility jumped to 25.7, the highest since mid-2013, compared with 18.3 on the Shanghai Composite.

Shares of Hong Kong Exchanges & Clearing soared 12 percent to the highest since December 2007, making it the biggest bourse operator in the world by market value.

PBOC effect
" This rally does have legs," Daphne Roth, the head of Asian equity research at ABN Amro Private Banking, which manages about US$218 billion, said in a phone interview.

Roth said she&rsquo s been recommending banks and insurers listed in Hong Kong in part because of their valuation discounts.

Mainland shares will probably keep outperforming their Hong Kong counterparts over the long term because shares in China benefit most directly from looser monetary policy, said Brian Lin, a Taipei-based money manager who runs the US$109 million Capital China New Opportunity Fund.

The Shanghai Composite has surged 61 percent since the People&rsquo s Bank of China started cutting interest rates in November, versus a 12 percent gain in the Hang Seng index.

Dual-listed stocks are on average 37 percent cheaper in Hong Kong compared with Shanghai, according to data compiled by Bloomberg.

Beijing Jingcheng Machinery Electric and Sinopec Oilfield Service Corp cost about 60 percent less in Hong Kong, the most among shares that aren&rsquo t suspended from trading.

Even PetroChina the country' s biggest company by market value, trades at a 40 percent discount in the former British colony.

Mainland money
CSR Corp and China CNR Corp, which each soared more than 40 percent in Hong Kong Wednesday following government approval for a merger of the two train makers, are still at least 42 percent cheaper in the city.

" If mainland investors really believe the markets will converge, Hong Kong should get a big boost as the spreads collapse and volumes pick up," said David Welch, the head of equity sales trading at Reorient Group in Hong Kong.

" It&rsquo s a combination of mainland money chasing deeply discounted Hong Kong stocks, plus an overall surge of interest in H shares by global investors."

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gavinl
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08-Apr-2015 18:18

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Lol. Tats why I only traded 2 counters in the last 2 mths. Hopeless to the core.

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halleluyah
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08-Apr-2015 18:06

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Hopeless...STI is the only one in red....all the fund mgrs going to eat sand n grass liao....

bishan22 ( Date: 08-Apr-2015 15:22) Posted:

HSI rocketed whilst STI is dead.................

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bishan22
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08-Apr-2015 15:22

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HSI rocketed whilst STI is dead.................

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