Daily Morning Note – 12 September 2018


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U.S. stocks rose on Tuesday as a rebound in tech shares offset lingering concerns over trade. The Dow Jones Industrial Average settled up 114 points as Apple and Exxon Mobil outperformed. The Dow also got a boost from Nike shares.

Apple gained 2.5 percent, snapping a four-day losing streak, after analysts at UBS raised their price target to $250 from $215, citing the potential growth of the company’s services business. Apple is holding a big event at its new headquarters on Wednesday, where it’s expected to announce several new products. Netflix and Amazon also rose 2.2 percent and 2.5 percent, respectively, while Twitter jumped 1.2 percent.

The major indexes traded lower earlier in the day as China was said to have seeked authorization from the World Trade Organization to slap sanctions on the United States as trade tensions between the two largest world economies grow.


Oei Hong Leong has sold his entire 32.96 per cent stake in mainboard-listed IPC Corporation through married deals on Tuesday, for a total of S$11.2 million, or an average of 40 Singapore cents per share. Picking up some of his shares were IPC chairman and chief executive Patrick Ngiam and his family.

Straits Trading Company on Tuesday said that it plans to subscribe for A$40 million (about S$39.3 million) worth in trust units that would allow it to acquire a portfolio of logistics properties across Australia.

SIIC Environment Holdings Ltd has won a new wastewater project in the city of Beihai, Guangxi, the People’s Republic of China. The Project’s investment value is estimated at RMB578.2 million.

Source: SGX Masnet, Bloomberg, Reuters, The Business Times, Channel NewsAsia, Phillip Securities Research

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