Daily Morning Note – 21 March 2018
WEEKLY MARKET OUTLOOK WEBINAR
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TECHNICAL PULSE
Chip Eng Seng Ltd – Daily timeframe – Bullish
– The bullish follow-through since then has succeeded in breaking price above the
pullback line and 20, 60 day moving average on 20/03/18 suggests an increasing
bullish momentum.
– Expect the uptrend to resume next for price to test the 0.995 resistance area
followed by 1.040.
For more information and additional disclosures, refer to the link here.
BREAKING NEWS
A state tender for a 99-year leasehold commercial and residential site in Holland Road closed on Tuesday, attracting 15 bids. Under the dual-envelope concept and price tender mode for the site’s sale, only those whose concept envelopes substantially satisfy the evaluation criteria will be shortlisted for the second stage of the tender evaluation.
US lawmakers are finalizing an enormous federal spending bill, rushing to meet a looming deadline before government funding expires in three days. If no action is taken by midnight Friday, the US government could tumble into shutdown for the third time this year.
Noble Group has been hit by a lawsuit from top shareholder Goldilocks, who is alleging the trader inflated profits to raise money. Separately, fund managers of Orbis and Prudential have sold some 42 million shares in Noble Group worth S$5.5 million on the open market from March 14 to 19.
Singtel Group plans to roll out mobile wallet interoperability across its network of regional associates in Asia by mid-2018. Mobile wallet customers of Singtel and the group’s associate telcos would then be able to make cashless payments in their home currency, using their home telco’s app, at physical merchants while abroad.
UNUSUAL Limited is set to acquire 49% of a Chinese film and concert company Beijing Wish for 25.2m yuan.
Source: SGX Masnet, 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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