Daily Morning Note – 16 January 2020

WEEKLY MARKET OUTLOOK WEBINAR

PHILLIP SUMMARY

The Dow and S&P 500 edged to records on Wednesday following a volatile session marked the signing of the long-awaited US-China trade agreement. The Dow Jones Industrial Average gained 0.3 per cent to finish at 29,030.22, and the broad-based S&P 500 added 0.2 per cent to 3,289.29.

Meanwhile, the tech-rich Nasdaq Composite Index climbed 0.1 per cent to end at 9.258.70.

Analysts said the choppy trading session reflected worries about lofty US stock valuations following the market’s surge since the fall.

BREAKING NEWS

Goldman Sachs Group’s comeback quarter for trading was marred by a US$1.09 billion legal charge as the firm gets closer to a settlement of the 1MDB scandal.

Distressed construction firm Swee Hong has entered an agreement to raise S$4 million in gross proceeds via a private placement to CIIC Group, a company solely owned by Swee Hong’s executive director Tian Yuan.

Troubled liftboat operator Ezion has inked a memorandum of agreement to sell its Teras Genesis vessel to Singapore-based Astro Offshore for US$2.25 million in cash.

China Everbright Water plans to issue three billion yuan (S$586 million) worth of medium-term notes (MTNs) to institutional investors in China’s inter-bank bond market, the company announced in a bourse filing on Wednesday.

Frasers Commercial Trust (FCOT) on Wednesday declared a distribution per unit (DPU) of 2.4 Singapore cents for the first quarter ended December, unchanged from a year ago.

Distressed water treatment firm Hyflux has applied to the Singapore High Court for a three-month extension of its debt moratorium and to hold scheme meetings, the company announced in a bourse filing on Wednesday.

Guo Yun, an executive director of China Haida, resigned from the Mainboard-listed company on Wednesday, citing health issues. Appointed in 2004, he owns 5.67 per cent of the company, according to its latest annual report. He was responsible for all of its legal and financial matters, investor relations and expansion plans.

Source: SGX Masnet, The Business Times, Bloomberg, Channel NewsAsia, Reuters, PSR

TECHNICAL PULSE

DBS Group Holdings Ltd

Recommended Action: Technical SELL

DBS Group (SGX: D05) has been ranging since the start of May 2019 and bullish momentum is weak. Based on the technical indicated below, the stock will head into a bearish correction.

Read more technical reports

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