Daily Morning Note – 23 Aug 2019

WEEKLY MARKET OUTLOOK WEBINAR

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PHILLIP SUMMARY

The Dow Jones Industrial Average rose slightly on Thursday as investors awaited a key speech from the Federal Reserve’s top official.

The 30-stock index climbed 49.51 points, or 0.2% to 26,252.24 in a volatile session that saw it rise as much as 186.05 points and drop 103.72 points. Boeing’s 4.2% gain pushed the Dow higher. The S&P 500 ended the day just below the flatline at 2,922.95 while the Nasdaq Composite slid 0.4% to 7,991.39.



BREAKING NEWS

Wall Street stocks were mixed at the conclusion of a choppy session Thursday on lackluster economic data ahead of a key Federal Reserve address.

Hong Kong shares sank on Thursday as hopes for US interest rate cuts were overshadowed by worries about the city’s economy and the impact of protests that are now in their third month.

Singapore market fared better than most of its regional counterparts as investors digested the US Federal Reserve July meeting minutes for clues on the interest rate outlook ahead of Fed chair Jerome Powell’s Jackson Hole speech.

Hong Kong stocks are poised for their worst quarter since 2015 and corporate earnings are unlikely to save them.

Chip Eng Seng on Thursday said that it plans to do a renounceable underwritten rights issue of about 156.5 million new shares at S$0.63 each, to raise net proceeds of about S$96.3 million for its expansion plans.

Hupsteel shares fall below public float, to be suspended at offer close.

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

TECHNICAL PULSE

Singapore Technologies Engineering Ltd

Recommended Action: Technical BUY

ST Engineering (SGX:S63) share price has rallied since 3Q2018. Although the stock took a dip in recent months, we believe the stock has strong upside based on the technicals


Hongkong Land Holdings Ltd

Recommended Action: Technical SELL

Hongkong Land (SGX:H78) enjoyed a rebound last week. But the bullish momentum lost its strength mid of this week


CITIC Securities Co Ltd

Recommended Action: Technical BUY

CITIC Securities (HK:6030) has the opportunity for a bullish reversal based on the technicals bellow.


Read more research reports

Webinar Of The Week

Market Outlook: : (PSR) China Aviation (Singapore) Oil, China Everbright Water Limited, CNMC Goldmine Holdings Limited, Dasin Retail Trust, EC World REIT, ComfortDelGro Corp Ltd, Banyan Tree Holdings Limited, US Weekly, China Weekly, Technical Outlook

Date: 19 August 2019

For more on Market Outlook

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 Important Information





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