DMG Daily 29 Jan 08 - SATS, Keppel T&T, Creative, TSMC, Ascott, BBR, SPH

Market Outlook
The 1.38% fall in the DOW over the weekend was clearly not welcomed by
local investors as the STI opened at 3,109 on Monday which equated to a
1.6% loss, although traders who short-sold the market during the start
of the day got the trend correct as the opening turned out to be the
intraday high of the whole trading session. Shortists were further
encouraged when the Hong Kong market opened and started diving that
eventually pushed the STI to its intraday low of 3,004 that reflected a
4.9% deficit. Short covering then ensued during the mid-afternoon
session as the index eventually ended the day at 3,041.06, equivalent to
a 118.42 point or 3.75% loss. Some respite was offered in the form of
volume and value traded that saw 1.35bn shares that were worth some
$1.64bn change hands, a substantial decline as compared to Friday. On
the scoreboard, losers trashed gainers
593 to 190 while all STI-component counters were in the red. Looking
ahead, expect such wild swings that have been prevalent in these recent
days to continue.

Media Highlights
- SATS Q3 profit flat at $50m
- Keppel T&T full-year profit up 18.8%
- Creative posts second profitable quarter in a row
- TSMC set to post record profits for Q4
- Ascott secures deal to manage Shenzhen property
- BBR wins $95.3m Ascendas contract
- SPH MBO, SPC in digital ad tie-up

Economic Highlights
- Goldman says 60% chance of Japan sliding into recession
- Goldman tells investors to sell S'pore banks
- HK economy will slow this year after 6% growth