Singapore’s STI is down 1.1% at 2939.33 midday as concerns over Japan’s nuclear crisis continue to weigh on sentiment. Volume is moderate at 648 million shares worth $751 million, with fallers trumping gainers by over 6 to 1.
DMG says there needs to be clear evidence that the situation at Japan’s damaged nuclear reactors is under control before stability returns to the market. However, it notes “the STI remains attractive on a 12-month timeframe and (the) recent correction is a chance to accumulate.”
The house notes thermal coal prices for April delivery have risen 10% since Friday and is positive in the short-term for stocks like Straits Asia Resources (AJ1.SG), rated Neutral with a $2.49 target, and Noble (N21.SG), rated Buy with a $2.58 target.
The stocks are down 1.6% at $2.45, and down 1.0% at $2.03, respectively. Genting Singapore (G13.SG) and Golden Agri-Resources (E5H.SG) are down 2.1%-2.3% while defensive dividend play StarHub (CC3.SG) is up 0.8% at $2.62. STI support tipped at 2932, then 2915.
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