For soccer aficionados who turned their attention from the stock markets to the live telecasts of Euro 2008 during the wee hours, it might actually be a blessing in disguise. With the threat of stagflation recurring, investors offloaded equities while regional bourses continued to test key support levels.

To the dismay of transportation companies and car owners, crude oil prices remained in focus during the previous fortnight, staying above US$130 per barrel despite efforts by Saudi Arabia to increase supplies.

Elsewhere, Lehman Brothers’ shock announcement of a massive loss of more than US$2 billion in 2Q08 jolted the already-fragile US financial sector. The fourth-largest US investment bank confirmed that it has raised US$6 billion to re-capitalise its balance sheet.

Meanwhile, S-shares (Singapore-listed Chinese firms) continued to trade at attractive valuations. For those yearning for more up-to-date information on these promising companies, SGX in collaboration with Xinhua Finance will be regularly sending out free news snippets on the constituents of the FTSE ST China Index to subscribers via email.

In our publication this issue, we took a closer look at Combine Will International Holdings – the latest entrant to the local bourse. Even though its debut performance might have nothing to shout about, the plastic injection mould manufacturer services the booming automotive sector in China, which is one of the few bright spots for the global car industry.

We also paid a visit to the headquarter of another recent listing, HISAKA Holdings. According to the management, the automation solutions provider specialising in mechanical motion products is eyeing the buoyant marine and energy industries in an effort to diversify its customer base.

Last but not least, we carried on with our Understanding Fundamental Analysis series, introducing yet another three important and widely used financial indicators, namely Price-To-Earnings Ratio, Earnings Per Share and Net Asset Value. Hope you enjoy reading!