Daily Morning Note – 20 Nov 2019

WEEKLY MARKET OUTLOOK WEBINAR

PHILLIP SUMMARY

U.S. stocks closed mostly lower Tuesday, with the Dow and S&P 500 retreating from records, on disappointing earnings results and doubts about a U.S. – China trade deal. The Nasdaq, however, notched a record finish on the strength of technology shares.

BREAKING NEWS

GS Holdings has sold all of its 6.5 million shares in its wholly-owned subsidiary, GreatSolutions, to GSG Capital for S$2 million.

MAGNUS Energy Group’s board of directors has asked shareholders requisitioning an extraordinary general meeting (EGM) that a director be removed only if there is at least a new or remaining director who is ordinarily resident in Singapore as replacement.

In the current quarter to date, the three best-performing energy/oil & gas-related stocks with market cap above S$100 million, averaged a total return of 105.3 per cent, the Singapore Exchange (SGX) said in a research note on Tuesday. The three stocks were Rex International (+144.9 per cent), PACC Offshore Services (+115 per cent), and Mermaid Maritime (+56.1 per cent). This brings their year-to-date total return to 95.7 per cent, SGX said.

Aspial Corporation’s mega Australia 108 project is expected to realise A$400 million (S$370 million) over the next 12 months as units are completed and handed over to buyers.

Shares of Bharti Airtel, a Singtel regional associate, and rival Vodafone Idea rallied after the wireless carriers said they planned to raise tariffs starting next month, the first increase since the entry of billionaire Mukesh Ambani into India’s telecommunications market three years ago triggered a price war.

Alibaba will raise up to US$12.9 billion in its Hong Kong secondary listing, two sources with direct knowledge of the matter said.

BB&T and SunTrust got final approval on Tuesday for their plan to join forces, creating a regional banking giant in the industry’s largest merger since the 2008 financial crisis.

Billionaire Jack Ma’s Ant Financial Services said it may apply for a virtual banking licence in Singapore, a move that would add a heavyweight contender to the race.

The manager of Mapletree North Asia Commercial Trust (MNACT) on Tuesday night said its Festival Walk shopping mall in Hong Kong remains closed until further notice.

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

TECHNICAL PULSE

ZTE Corp

Recommended Action: Technical BUY

ZTE Corp (HK: .763) might see a strong bullish trend after prolong period of ranging. Based on the technicals below, the bullish cause might even continue higher should the immediate resistance of 24.25 breaks.

Galaxy Entertainment Group Ltd

Recommended Action: Technical BUY

Galaxy Entertainment (HK: 27) may continue its bullish trend after a short period of correction based on the technical.

Read more technical reports

Webinar Of The Week

Market Outlook: : (PSR) DBS, ECWREIT, APAC Realty Ltd, PropNex, Singtel & SG Weekly

Date: 18 November 2019

For more on Market Outlook

Phillip Research in 3 minutes: #16- JEP Holdings Ltd

Updates summarised in 3 minutes

For more videos on Phillip in 3 Mins

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





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