Daily Morning Note – 10 August 2018
WEEKLY MARKET OUTLOOK WEBINAR
Register HERE for MONDAY’s 11.15am webinar.
Archived webinars available.
YOUR PHILLIP SUMMARY
The S&P 500 has been edging back toward its January peak, and the U.S. Treasury just auctioned a record amount of 10- and 30-year debt with relative ease. Looking at American markets, there’s little sign of the angst that’s been roiling emerging economies.
Chinese stocks haven’t been this volatile in years as traders struggle to decide whether the $6 trillion market has bottomed out. Buffeted by crosscurrents ranging from the trade war and rising defaults to monetary stimulus and cheapening valuations, the Shanghai Composite Index has recorded seven straight swings of 1 percent or more— the longest such stretch since Chinese markets crashed in 2015.
TECHNICAL PULSE
JB Foods Ltd – Daily timeframe – Bearish – Take Profit
– A surging volume Bearish Engulfing Bar was formed on 08/08/18 signalling a
move lower next.
– Thus, with the current bearish price action and overbought RSI mean
reversion, we have decided to close out our position in JB Foods at 0.650 in
anticipation of a deeper correction.
For more information and additional disclosures, refer to the link here.
BREAKING NEWS
Profit Guidance: United Food Holdings Limited expects to report profit after tax for 2Q2018 and 1H2018 as compared to loss after tax for the previous corresponding periods. The profit after tax for 2Q2018 and 1H2018 was primarily due to a one-off gain on disposal of subsidiaries.
Profit Guidance: Singapore eDevelopment Limited expects to report a loss for the six months financial period ended 30 June 2018 (1H2018).
Profit Guidance: Courts Asia Limited expects to report a loss for the first quarter ended 30 June 2018 (Q1 FY18/19).
Source: SGX Masnet, Bloomberg, Reuters, The Business Times, Channel NewsAsia, Phillip Securities Research
Clients of Phillip Securities can keep updated with Country Strategy and Singapore Sector Reports by logging into: www.poems.com.sg > STOCKS > Research
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