Daily Morning Note – 23 May 2018


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DairyFarm USD – Daily timeframe – Bullish
– The past two days of bullish price action has confirmed a bullish breakout of
the 6 months range.
– With the current bullish breakout, expect price to rise higher next to test the
9.23 resistance area followed by 9.65.

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


The Singapore government will continue to monitor the construction industry and will adjust the pace of public-sector projects to facilitate the transformation process. ”We have also reviewed our tender evaluation frameworks to place a greater weightage on quality,” said Singapore’s Minister for Finance Heng Swee Keat. “This will help to curb excessive price competition and recognise firms for consistent good performance.”

The Monetary Authority of Singapore (MAS) intends to simplify rules to encourage more exchanges and also make it easier to launch new derivative products. It proposes to improve market operators’ business flexibility when establishing new centralised trading facilities and speed to market when launching new products, the MAS said on Tuesday.

Washington neared a deal to lift its ban on US firms supplying Chinese telecoms gear maker ZTE Corp, sources said on Tuesday, and Beijing announced tariff cuts on car imports, further easing trade tensions between the world’s two largest economies.

Mainboard-listed Raffles Education Corporation has signed a memorandum of understanding with CFLD International – part of China Fortune Land Development – to develop educational hubs across South-east Asia.

Global Yellow Pages (GYP) announced on Tuesday that wholly-owned subsidiary GYP Properties has entered into a conditional agreement for the sale and purchase of a freehold, 1.9905 hectare plot of land for NZ$6 million (S$5.57 million) in cash from vendor The Lakes International Golf Course in Pauanui, New Zealand.

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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