Daily Morning Note – 28 January 2020



Wall Street stocks finished solidly in the red on Monday spooked by worries the coronavirus will weigh on global economic growth.

Major US indices suffered their worst session thus far in 2020 and followed European and Asian bourses lower, with the Dow Jones Industrial Average falling over 450 points or 1.6 per cent to finish at 28,535.50.

The broad-based S&P 500 also fell 1.6 per cent to end the day 3,243.63, while the tech-rich Nasdaq Composite Index dropped 1.9 per cent to 9,139.31.


CATALIST-LISTED Advancer Global has pointed to miscommunication as the reason for its failure to disclose that its recently appointed chairman is also a director at taxi firm Trans-Cab Holdings.

THE Singapore Exchange Regulation (SGX RegCo) is seeking public feedback to enhance the current regulatory regime, with proposed measures that may include directing the appointment of a second auditor under exceptional circumstances.

MAINBOARD-LISTED food and beverage company Del Monte Pacific said it has entered into an agreement for the proposed sale of a 13 per cent stake in its indirect wholly-owned subsidiary Del Monte Philippines, Inc (DMPI) for US$130 million.

CATALIST-LISTED Mary Chia Holdings is proposing a private placement of up to 26.67 million new ordinary shares in the company at an issue price of 7.5 Singapore cents each, amounting to a total cash consideration of S$2 million.

Gold jumped as the spread of the coronavirus globally spurred demand for haven assets. Prices rose as much as 1.1% as risk-off sentiment swept markets, with equities tumbling and Treasures gaining. In the latest attempt at containment, China extended the week-long Lunar New Year holiday and banned all outgoing overseas group tours to avoid having travelers contribute to its spread.

The Singapore Exchange Regulation (SGX RegCo) is seeking public feedback to enhance the current regulatory regime, with proposed measures that may include directing the appointment of a second auditor under exceptional circumstances. The second audit – akin to a re-audit – will review the overall financials of the company and provide a second opinion.

ESR-REIT looks a promising investment, analysts say amid a subdued economic environment and a consolidation of portfolios through the merging of real estate investment trusts (REITs), ESR-REIT provides a good investment opportunity, analysts say. With its 57 properties around Singapore, the REIT has a total gross floor area (GFA) of approximately 15.1 million sq ft and a net property value of $2.93 billion. These properties house some 328 tenants from business parks, high specs industrialisation, logistics and warehousing.

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

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