Daily Morning Note – 11 March 2020
WEEKLY MARKET OUTLOOK WEBINAR
PHILLIP SUMMARY
Stocks rose sharply in wild trading on Tuesday as investors weighed the prospects of fiscal stimulus to curb slower economic growth stemming from the coronavirus outbreak.
The Dow Jones Industrial Average closed 1,167.14 points higher, or 4.9%, at 25,018.16. Tuesday’s gains for the Dow cut the index’s losses from Monday in half. Earlier in the day, the 30-stock average was down 160 points. The S&P 500 was up 4.9% at 2,882.23, notching its best day since Dec. 26, 2018. The Nasdaq Composite also advanced 4.9% to 8,347.40.
BREAKING NEWS
Mainboard-listed Winas Limited is set to be delisted after failing to get approval from the Singapore Exchange (SGX) for an extension of time to meet the requirements for a new listing, the company said on Tuesday evening. The company had requested for a trading halt on Tuesday morning before the market opened, pending an announcement, and then asked for the halt to be lifted on Tuesday evening.
DARCO Water Technologies is preparing to write off S$2.46 million in debts which it has deemed to be of “low recoverability”. They have been due for some three years. In response to queries from the Singapore Exchange (SGX), the mainboard-listed company said the impairment loss stems from three projects and a former subsidiary.
BHG Retail REIT said on Tuesday it has reopened two of its malls in Anhui, China, after certain stores were temporarily closed from Feb 7 due to the coronavirus outbreak. Hefei Mengchenglu Mall and Hefei Changjiangxilu Mall, both in the provincial capital Hefei, reopened on Tuesday “upon approval from the relevant local authorities”, BHG Retail REIT said in a statement.
SASSEUR Real Estate Investment Trust (Reit) will be reopening its Hefei outlet mall on March 13 following approval from the local government in Hefei, its manager said on Tuesday. The Reit’s sponsor, Sasseur Cayman Holding, will continue to roll out a series of marketing and promotional activities to welcome shoppers back on Friday, the manager said in a bourse filing during the midday trading break.
SINGAPORE taxi operator ComfortDelGro Corporation is expanding its presence in the UK through a £7 million (S$12.5 million) acquisition of the Liverpool City region’s third-largest taxi and private-hire operator.
Source: SGX Masnet, The Business Times, Bloomberg, Channel NewsAsia, Reuters, PSR
TECHNICAL PULSE
Bukit Sembawang Ltd
Recommended Action: Technical SELL
Bukit Sembawang (SGX: B61) continued bearish momentum will continue based on the technical
RESEARCH VIDEOS
Webinar Of The Week
Market Outlook: Raffles Med, UOB, OCBC, PROP, VMS, STRH, SSG, Penguin, APAC, Technicals, SG Weekly
Date: 2 March 2020
Phillip Research in 3 minutes: #18 – Singapore Budget 2020
Updates summarised in 3 minutes
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