Daily Morning Note – 14 June 2018
WEEKLY MARKET OUTLOOK WEBINAR
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TECHNICAL PULSE
Olam Intl Ltd – Daily timeframe – Bullish
– A hammer rejection off the 2.25 support area was formed on 13/06/18 signals
a reversal back into the long-term uptrend.
– Expect price to rebound back up to test the 2.33 resistance area followed by
2.40.
For more information and additional disclosures, refer to the link here.
BREAKING NEWS
Stocks fell after the Federal Reserve hiked interest rates and indicated that two more increases are likely this year. The Dow Jones industrial average fell 119.53 points to finish at 25,201.20 as losses in Boeing and Caterpiller shares offset gains in shares of Walt Disney Company. The S&P 500 lost 0.4 percent to close at 2,775.63 with consumer discretionary the only positive sector. The Nasdaq composite rose to a new intraday high early in the session as media stocks rallied following a federal judge’s decision to permit AT&T’s bid for Time Warner.
Shares of Dutchfintech firm and PayPal rival Adyen surged nearly 90 percent on their first day of trade Wednesday in Amsterdam, in what is one of Europe’s biggest technology initial public offerings (IPO) in recent times.
Comcast Corp offered $65 billion on Wednesday to lure Twenty-First Century Fox Inc away from a merger with Walt Disney Co.
Apple Inc said on Wednesday it will change its iPhone settings to undercut the most popular means for law enforcement to break into the devices. It said it will change default settings in the iPhone operating system to cut off communication through the USB port when the phone has not been unlocked in the past hour.
Toyota is pumping $1 billion into Grab. The new funding values Grab at just over $10 billion, according to a person familiar with the company.
Imperium Crown on Wednesday signed an agreement with Singapore Press Holdings’s (SPH) subsidiary Sphere Exhibits to organise the first Beerfest Asia event in China – Beerfest Shandong.
UOL Group has gained statutory control of United Industrial Corporation (UIC), after its stake in UIC crossed 50 per cent on Wednesday.
Tritech Group subsidiary Tritech Engineering & Testing (Singapore) has been awarded a S$4.6 million contract by Changi Airport Group for the provision of soil investigation services at Changi Airport Terminal 5
China Everbright Water has signed an agreement to acquire engineering design firm Xuzhou Municipal Engineering Design Institute in China’s Jiangsu province, for a cash consideration of 82 million yuan (S$17.10 million)
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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