Daily Morning Note – 28 April 2020

PHILLIP SUMMARY

Wall Street stocks finished solidly higher on Monday on optimism about steps to reopen the economy in the first session of a heavy week of earnings and economic news. The Dow Jones Industrial Average gained 1.5 per cent to end the day at 24,133.78. The broad-based S&P 500 also rose 1.5 per cent to 2,878.48, while the tech-rich Nasdaq Composite Index advanced 1.1 per cent to finish at 8,730.16. Several governments in Europe eased restrictions as coronavirus cases have stabilised, and more US states have either resumed some activities or set timeframes for doing so.

BREAKING NEWS

Mapletree Industrial Trust’s (MIT) distribution per unit (DPU) stood at 2.85 Singapore cents for the fourth quarter ended March 31, down 7.5 per cent from 3.08 cents a year ago.

Singapore Press Holdings (SPH) announced after trading hours on Monday that it will be divesting its wholly-owned subsidiary Buzz Shop to Thai-Pore Enterprise for an undisclosed sum.

Lippo Malls Indonesia Retail Trust (LMIRT) will be extending the closure of its 23 retail malls and seven retail spaces in Indonesia until May 13, in respect of the large-scale social restrictions imposed by Indonesia’s health ministry.

Raffles Medical Group‘s profit after tax almost halved in the first quarter this year as its China healthcare division was “severely impacted” by the Covid-19 pandemic, the integrated healthcare provider announced in a bourse filing on Monday.

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

TECHNICAL PULSE

Yanlord Land Group Ltd

Recommended Action: Technical SELL

Yanlord Land Group (SGX: Z25) has been on a downtrend since the share price broke below the support level of 1.06 in early March 2020…Further technical actions indicate a return of the bearish downfall.

>> Read more technical reports

RESEARCH VIDEOS

Webinar Of The Week

Market Outlook: (PSR) Singapore Exchange Ltd, Micro-Mechanics, Frasers Centrepoint Trust, Keppel DC REIT, SG Banking Note, SG REITs Sector Update, SG Bonds Strategy, Technicals & SG Phillip Weekly

Date: 27 April 2020

For more on Market Outlook

Phillip Research in 3 minutes: #21 – Singapore REITs Sector

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





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