Daily Morning Note – 13 Dec 2019
WEEKLY MARKET OUTLOOK WEBINAR
PHILLIP SUMMARY
S. stocks surged to new records Thursday propelled by reports the U.S. and China had reached at trade deal to avoid new tariffs due on Sunday, and roll back existing levies, in exchange for purchases of American agricultural products. The benchmark S&P 500 and Nasdaq Composite indexes closed at record highs while the Dow Jones Industrial Average saw a new intraday record. The Dow Jones Industrial Average DJIA, +0.79% closed 220.75 points, or 0.8% higher, at 28,132.05, just shy of a new all-time high. The S&P 500 index SPX, +0.86% gained 26.95 points, or 0.9%, to close at 3,168.58, and the Nasdaq Composite Index COMP, +0.73% added 63.27 points, or 0.7%, to 8,717.32, both new records. The Russell 2000 RUT, +0.79% gained 15.63 points, 1%, to close at a new all-time high of 1,647.56.
BREAKING NEWS
CHIP Eng Seng on Thursday said that its wholly-owned subsidiary CES Education has acquired Raffles Campus (Malaysia) for S$24.4 million.
BEST World International’s audit committee is “cautiously optimistic” that the independent review into the sales practices adopted by the premium skincare firm in China is on track to be completed as planned, it said on Thursday.
KEPPEL DC Reit on Thursday said it will be acquiring its second data centre in Germany for 81.8 million euros (around S$125.3 million). This will be its eighth data centre in Europe.”
RAZER is still mulling over applying for a Singapore digital banking licence but if it proceeds to meet the Dec 31 deadline, the gaming lifestyle brand will be gunning for one of two retail licences on offer.
QUETZAL Capital’s offer for mainboard-listed PACC Offshore Services Holdings (POSH) to delist it is in the bag, having received valid acceptances for over 90 per cent of the outstanding shares.
C&G Environmental Protection Holdings has made a request to the Minister for Finance to allow it to stay listed, “for the benefit of more than 1,900 Singaporean shareholders”.
Source: SGX Masnet, The Business Times, Bloomberg, Channel NewsAsia, Reuters, PSR
TECHNICAL PULSE
Singtel Ltd
Recommended Action: Technical BUY
The technicals for Singtel (SGX: Z74) still point to a bullish trend for the stock
Webinar Of The Week
Market Outlook: : Market Outlook: (PSR) FLT & FCOT Merger, SG Banking & Technical Analysis
Date: 9 December 2019
Phillip Research in 3 minutes: #16- JEP Holdings Ltd
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