Daily Morning Note – 11 July 2018
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STI – Daily timeframe – Bullish
– With the recent bullish breakout on 10/07/18, the RSI has also risen back
above the 30 oversold region suggests the start of the mean reversion higher.
– Expect the STI to recover back into the long-term uptrend next for price to
test the 3,354 resistance area followed by 3,469.
For more information and additional disclosures, refer to the link here.
The Trump administration announced a list of tariffs on $200 billion in Chinese goods, in an escalating trade war with Beijing. The tariffs will not go into effect immediately but will undergo a two-month review process, with hearings Aug. 20-23.
Hyflux Ltd has received a Letter of Intent from Asia Water Development Engineering Company (AWDEC) to award a second contract for a seawater reverse osmosis desalination package in the same location as the first project in Bandar Abbas, Iran.
Citic Envirotech announced the launch of Singapore Envirotech Accelerator and the opening of Memstar USA’s Reverse Osmosis/Nano Filtration membrane manufacturing plant in Conroe, Texas.
World Class Global Limited has recorded A$156.8 million in total revenue from the first phase handovers of AVANT and Australia 108 in 1H 2018.
Yongnam Holdings Limited has secured four contracts worth S$23 million for projects in Singapore.
GuocoLand Limited has successfully tendered for the enbloc acquisition of the development known as Casa Meyfort Condominium and exercised its option to purchase at a purchase consideration of S$319.88 million.
Frasers Commercial Trust has entered into a property sale agreement with an unrelated third party to sell the property located at 55 Market Street.
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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