SPH Sends Staff To Doctors On SARS Fears

1648 [Dow Jones] SPH (S37) has set up medical appointments for reporters and other staff covering SARS outbreak to review their condition, says company spokeswoman Irene Ngoo; "Singapore Press Holdings is seeking medical advice to safeguard the health of newspaper and television staff who have been involved." Adds company doctors will advise "whether precautionary measures are necessary," after reviews. One employee tells Dow Jones she's been certified healthy and fit to return to work. SPH 1H03 results due after market close. Stock +1.1% at S$19.(ALP)

1637 [Dow Jones] STI up 0.2% at 1316.6 as SingTel (S12), banks and NOL (N03) help offset SIA's (S55) losses, says trader at local brokerage. While most investors sidelined on Iraq war and SARS fears, "there are small pockets of trading interest," he says. SIA off 3.7% at S$9.05 on earnings concerns; SingTel +1.5% at S$1.36 on news it has green light to list SingPost; NOL up 4.9% at S$1.08 on news of sharply higher war-risk premiums. But profit-taking likely to send STI into negative territory in late trade; however 1300 support to hold. Volume low at 183 million shares, with 108 losers, 84 gainers and 374 flat/untraded.(ALP)

1616 [Dow Jones] STOCK CALL: SPH has kept interim dividend unchanged at 20 Singapore cents/share since FY00, paying out special dividends in FY00 and FY02 only when full-year results announced, notes GK Goh, previewing 1H03 results. "It could do so again this time." But notes that with M1 sales proceeds of 78 Singapore cents/share, SPH could pay out 30-40 cents/share special dividend. Excluding M1 sale, it expects SPH's 1H03 profit to rise 14.4% to S$143.6 million. Stock now up 0.5% at S$18.90. (EYG)

1602 [Dow Jones] Shangri-La Asia (S07) flat at HK$5.65 with no shares traded, but Mandarin Oriental (M04) down 3.75% to 38.5 Singapore cents. UBS Warburg hopes for quick resolution to SARS issue; estimates if situation persists and occupancy falls to 20% for 1 month, SLA's FY03 EPS could fall 3.1%. (IVW)

1552 [Dow Jones] DBS (D05) prepared to close branches should branch staff become infected with SARS virus, company spokeswoman Jenny Lee tells Dow Jones. "We do have contingency plans in place to manage the situation and make sure that our staff and customers are taken care of." Adds, "If necessary, we will close branches." Reiterates that rumor Collyer Quay staff infected is untrue; no staff sick with SARS so far. Stock now up 0.5% at S$9.55. (ALP)

1532 [Dow Jones] NOL (N03) rising further in afternoon, now up 4.9% at S$1.08 on 11.7 million shares. Traders says NOL viewed as benefiting from Iraq war, as war-risk premiums for trade lanes plying Middle East destinations up sharply. Unit APL carrying US military cargo also lifting sentiment. Price may however meet resistance at S$1.10, which has 1284 offers. (EYG)

1523 [Dow Jones] SPH (S37) has barred more than a dozen journalists, photographers, cameramen covering SARS outbreak from entering premises until further notice, employees say; it's unclear if company putting them on leave or expecting them to continue working from outside office. SPH due to release statement on staff quarantine later today; 1H03 results also due this evening. Stock flat at S$18.80. (ALP)

1517 [Dow Jones] SARS saga continues: DBS (D05) issues strong denial that some of its staff at POSB Collyer Quay Branch infected with SARS virus. "We have evidence that the unfounded rumors originated from one of our competitors and have lodged a complaint with SGX and MAS," says DBS spokesperson. POSB Collyer Quay Branch is one of DBS's busiest branches, with big queues of customers during lunch-hours. Stock now up 0.5% at S$9.55 on 944,000 shares. (EYG)

1510 [Dow Jones] STI almost unchanged since lunch, now down 0.15% at 1311.7, as prices of key stocks like SIA (S55) stabilize. "There's not much interest in the market this afternoon," says dealer, with many traders already gone for the weekend. So far, only 29 million shares traded after lunch, bringing total volume to 136 million shares. SARS scare damping sentiment, with few traders willing to take up new positions, he notes. (EYG)

1442 [Dow Jones] Osim (023) spreading reach in healthcare market, buying 29.9% of Global Active, which operates 62 GNC outlets, for S$9.56 million. Global Active earlier this month said it's delaying IPO launch for second time, citing its concerned (hence proven true) that war would break out in Iraq. Osim should get lift from purchase, says trader, as it adds to product ranges and opens new markets. Stock still suspended. Last traded at 93 Singapore cents. (EYG)

1440 [Dow Jones] Nikkei closes down 1.1% at 8280.16, as Wall Street fall on war concerns dampens mood in Japan; Tokyo trader describes overall mood as disheartened, with buying incentives nowhere in sight. While small-scale public pension fund buying and share buybacks help market avoid FY-end crisis, players say Nikkei could still plunge below 8000 in April due to uncertainty of Iraq war, North Korea situation. On broader TSE 1st section, decliners top gainers 670 to 651, with 191 flat. (MYA)

1356 [Dow Jones] New York Times quotes U.S. Army officials as saying Saddam Hussein has moved chemical weapons to a Republican Guard division guarding approaches to Baghdad, and that U.S. officials "strongly believe Hussein will use the weapons." Unclear if this is accurate or just U.S. disinformation, however.(AXT)

1355 [Dow Jones] No investors' reaction likely to news Singtel (S12) has "letter of eligibility" from SGX to list Singapore Post. Listing talk has been floating in market since last month, says trader. DBS supposedly to handle IPO, slated to be largest since M1 (M16) in December. SingPost preliminary prospectus, so far, not posted on MAS's OPERA website yet, for comments by public. Analysts earlier estimated that SingTel may raise about S$375 million from vendor sale of SingPost shares, helping to cut S$10 billion debt slightly. SingTel up 0.75% at S$1.35 at midday. (EYG)