The STI is up 1.2% at 3227.83 midday, with three gainers for every decliner across the broad market, as optimism levels remain strong with many players coming back into the market after the holiday lull.
Volume picks up to 1.13 billion shares worth $758 million. CLSA says selective stock picking is key for 2011, as “market valuation, at 14.5X forward earnings, is nearly one standard deviation above the five-year mean, even as ROE languishes at five-year lows.”
Volume picks up to 1.13 billion shares worth $758 million. CLSA says selective stock picking is key for 2011, as “market valuation, at 14.5X forward earnings, is nearly one standard deviation above the five-year mean, even as ROE languishes at five-year lows.”
The house notes its 2011 index target of 3445 implies a modest 8% upside from current levels, and adds large-caps should benefit from funds inflow.
Its top Buys are UOB (U11.SG), Genting (G13.SG), Noble (N21.SG), Tiger Airways (J7X.SG) and Ezra (5DN.SG). Golden Agri (E5H.SG) and Genting are most active today, followed by China Paper (C71.SG) and Gallant (5IG.SG), then Juken Technology (J15.SG).
With previous resistance around 3218-3220 looking safely overcome for now, the psychological level of 3250 is likely the next target.
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