Daily Morning Note – 14 September 2018
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YOUR PHILLIP SUMMARY
Stocks rose on Thursday as Apple shares recovered from losses in the previous session. Investor sentiment was also boosted as fears of rapidly rising inflation were tempered. Apple shares gave the broader equity market a boost as well as they rose 2.4 percent. Thursday’s move comes after a 1.2 percent drop Wednesday as the unveiled three new iPhones.
Equities came off their highs, however, after President Donald Trump said there was no pressure to strike a trade deal with China.
The consumer price index — a widely followed inflation metric — rose 0.2 percent last month. Economists polled by Reuters expected a gain of 0.3 percent.
Excelpoint Systems (Pte) Ltd, a subsidiary of SGX mainboard-listed Excelpoint Technology Ltd., announced that it is collaborating with SP Group to develop a low-power and cost-effective Power Quality metering system that will optimise power distribution across the city.
Singapore Technologies Engineering Ltd has entered into an agreement to purchase MRA Systems, LLC (MRAS) from General Electric Company for US$630 million (S$868 million). MRAS is an established Original Equipment Manufacturer (OEM) of engine nacelle systems for both narrowbody and widebody aircraft.
Combine Will International Holdings Limited has officially inaugurated its new plant in Indonesia, signalling the Group’s successful strategic diversification of manufacturing facilities outside China.
Source: SGX Masnet, Bloomberg, Reuters, The Business Times, Channel NewsAsia, Phillip Securities Research
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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