Daily Morning Note – 22 May 2018
WEEKLY MARKET OUTLOOK WEBINAR
Register HERE for MONDAY’s 11.15am webinar today.
Archived webinars available.
TECHNICAL PULSE
CityDev Ltd – Daily timeframe – Bullish
– The subsequent bullish rejection off the 11.78 support area on 21/05/18 lifted
the RSI back above the 30 oversold region signals a mean reversion higher is
happening.
– Expect a reversal higher next into the uptrend for price to test the 12.92
resistance area followed by 13.53.
For more information and additional disclosures, refer to the link here.
BREAKING NEWS
China’s government on Monday praised a significant cooling of trade tensions with the United States, saying agreement was in both nations’ interests while state media trumpeted what it saw as Beijing’s refusal to surrender to US economic threats. However, China relief, elicited mixed reactions from US business leaders.
The Bank of Japan (BOJ), acting as the agent for the Minister of Finance of Japan, and the Monetary Authority of Singapore (MAS) have renewed the existing bilateral swap arrangement (BSA). The arrangement enables the authorities in Japan and Singapore to swap their local currencies in exchange for US dollars from each other in times of need.
US crude hit its highest level since 2014 on Monday amid rising concerns that Venezuela’s oil output could fall further following the country’s presidential election and potential sanctions on the Opec-member nation.
Ascendas Hospitality Trust (A-HTRUST) completes acquisition of hotel in South Korea, master lease agreement inked. A-HTRUST – through Ascendas Hospitality Business Trust – entered into a sale and purchase agreement with KY-Development Co to acquire a majority stake in KY-Heritage Hotel Dongdaemun for 72.1 billion won.
A unit of the BreadTalk Group has entered into a joint venture (JV) with Shenzhen Pindao Food & Beverage Management (Pindao) to bring popular tea brands Nayuki and Tai Gai to Singapore and the region. Wholly owned BreadTalk subsidiary Together Inc will take a 90 per cent stake in the JV – called BTG-Pindao Venture – with Pindao holding the remaining 10 per cent.
Construction and property developer Tiong Seng Holdings announced on Monday that it has bagged a S$47.68 million contract with the Ministry of Health to build a 10-storey polyclinic and long-term care facility at Balestier and Serangoon Roads.
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
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