Daily Morning Note – 12 June 2018
WEEKLY MARKET OUTLOOK WEBINAR
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TECHNICAL PULSE
Singtel Ltd – Daily timeframe – Bullish
– With the hammer rejection bar on 11/06/18, the RSI managed to climb back
above the 30 oversold region signals the start of a mean reversion higher.
– Expect price to reverse higher next for price to test the 3.30 resistance area
followed by 3.38.
For more information and additional disclosures, refer to the link here.
BREAKING NEWS
U.S. stocks finished the last session in positive territory despite recent trade concerns after last week’s tense G-7 summit. The Dow Jones industrial average finished higher by 0.02 percent, or 5.78 points, at 25,322.31, the S&P 500 added 0.11 percent to close at 2,782 and the Nasdaq composite ended the session up 0.19 percent at 7,659.93.
Apple has updated its developer guidelines to outlaw cryptocurrencies “mining” on iOS devices. The new rules restrict apps that drain battery, generate excessive heat, or put unnecessary strain on device resources.
The Trump administration on Monday slapped sanctions on several Russian companies and businessmen for engaging in cyberattacks and assisting Russia’s military and intelligence services with other malicious activities.
On the flip side, details of ZTE Corp’s settlement with the US Commerce Department were made public on Monday. ZTE must replace the boards of directors of two corporate entities within 30 days. All members of ZTE’s leadership at or above the senior vice president level also must be terminated, along with any executive or officer tied to the wrongdoing.
New regulations that took legal effect Monday give internet service providers (ISPs) in the US sweeping power to slow, block or offer “paid prioritization” to some websites as long as they disclose the practices. To restore the net neutrality rules, the House would have to vote in line with the Senate, and President Donald Trump would also have to sign the measure.
HAINAN Airlines Holding Co plans to raise as much as seven billion yuan (S$1.5 billion) by selling shares to investors, including an arm of Singapore investment company Temasek Holdings Pte, as part of a restructuring planned by the unit of Chinese conglomerate HNA Group Co.
Source: SGX Masnet, Bloomberg, Channel NewsAsia, Reuters, The Business Times, PSR
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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