Daily Morning Note – 20 June 2018

WEEKLY MARKET OUTLOOK WEBINAR

Register HERE for MONDAY’s 11.15am webinar.

Archived webinars available.

TECHNICAL PULSE

Hang Seng Index – Daily timeframe – BEARISH
– Looking at the Relative Strength Index (RSI) signals a reversal back into the range as it currently
hovers near the oversold region.
– For further confirmation, watch out for bullish price action bars near the 29,459 – 29,129 range
low for the bullish reversal signal.

For more information and additional disclosures, refer to the link here.

BREAKING NEWS

U.S. stocks fell on Tuesday as a sharp escalation in the trade dispute between the United States and China rattled markets and put the Dow Jones Industrial Average back in negative territory for the year. The Dow Jones Industrial Average fell 1.15% to 24,700.21, the S&P 500 lost 0.40% to 2,762.57 and the Nasdaq Composite dropped 0.28% to 7,725.59. The CBOE Volatility Index hit nearly a three-week high of 14.68 points, before easing to 13.35. However, the small-cap Russell 2000 index edged up 0.1%.

The People’s Bank of China called for investors to remain calm and pledged to use monetary policy “comprehensively” after the trade standoff with the U.S. sent the nation’s benchmark stock index plunging. The Shanghai Composite Index slid 3.8%, falling below the 3,000 level previously breached in 2015 and 2016.

European shares extended a sell-off on Tuesday as a trade war between the United States and China escalated, with autos, mining and technology stocks taking the brunt. STOXX 600 fell for the third straight session, down 0.7%.

General Electric Co has lost its spot in the Dow Jones Industrial Average after over a century in the blue chip stock index.

Hong Kong-basedrobo-advice provider, Quantifeed has raised US$10 million of Series B funding to open a Singapore office and boost its R&D efforts.

Temasek-linked firms, namely, Singapore Airlines, ST Engineering
CapitaLand, DBS, Keppel Corp, SATS Ltd, Sembcorp Industries,and Singtel
, will payout a record combined dividend of S$9.3 billion this year, up 38% YoY.

The option for Accor to buy up to 10% of Banyan Tree Holdings lapsed.

Singapore High Court has granted Hyflux a six-month lifeline to stave off creditors.

Parkway Life Reit’s Japan properties are unaffected by a 5.9 magnitude earthquake that struck Osaka on Monday.

UnUsUal Limited is partnering Sliding Door Entertainment to bring a “Walking with Dinosaurs – The Arena Spectacular” Asian tour that will host 117 shows across 11 cities. The tour is expected to commence in the second half of 2019.

Tiong Seng Holdings has been awarded a S$28.9 million contract for the proposed erection of a condominium development project.

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

Read the research report(s), available through the link(s) above, for complete information including important disclosures

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