Daily Morning Note – 18 June 2020
PHILLIP SUMMARY
The Dow and S&P 500 both fell on Wednesday as markets monitored increased coronavirus cases amid worries US stocks are overvalued.
The Dow Jones Industrial Average finished at 26,119.61, down 0.7 per cent.
The broad-based S&P 500 lost 0.4 per cent at 3,113.49, while the tech-rich Nasdaq Composite Index added 0.2 per cent at 9,910.53.
The lackluster session came after Tuesday’s rally in which major indices gained around two per cent following surprisingly good retail sales data and a positive clinical study of a coronavirus treatment.
BREAKING NEWS
LPG dealer Union Gas Holdings plans to buy the distribution, bottling and storage businesses from its sole supplier of bottled LPG cylinders, Union Energy Corp.
AsiaMedic expects to be able to fulfil its business obligations in the next six months, the board told shareholders on Wednesday, after questions from an investor watchdog on the business impact of the novel coronavirus pandemic.
Dual-Listed environmental-services group China Everbright Water on Wednesday issued 300 million yuan (S$58.9 million) in asset-backed securities to qualified investors in mainland China.
Mapletree North Asia Commercial Trust (MNACT) has received an interim payment from its insurers for the damage to its Festival Walk mall in Hong Kong during the protests late last year.
Source: SGX Masnet, The Business Times, Bloomberg, Channel NewsAsia, Reuters, PSR
TECHNICAL PULSE
Ping An Healthcare and Technology Co Ltd
Recommended Action: Technical SELL
Ping An Healthcare and Technology (HK: 1833) bullish upside has panned out as per our report dated 21st May. However, recent technicals reveal that the stock is unlikely to hit our target price mentioned. The stock is expected to correct further based on the wave analysis.
>> Read more technical reports
RESEARCH VIDEOS
Webinar Of The Week
Market Outlook: (PSR) Dasin Retail Trust, Penguin International Limited, SingTel, SG Banking Monthly, SG Weekly, SGD Perpetual Bonds, Technicals
Date: 08 June 2020
Phillip Research in 3 minutes: #22- Singapore Banking Sector
For more videos on Phillip in 3 Mins
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