Daily Morning Note – 28 March 2018
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Singpost Ltd – Daily timeframe – Bullish
– The bullish follow through on 27/03/18 also broke price back above the 20, 60 day
moving average and downtrend line with increasing volume suggests a possible
sign of reversal to the upside.
– Expect the uptrend to resume next for price to test the 1.45 resistance area
followed by 1.55.
For more information and additional disclosures, refer to the link here.
The Nasdaq composite fell 2.9 percent to 7,008.81. The S&P 500 pulled back 1.7 percent 2,612.62, with tech sliding 3.5 percent and posting its worst day since Feb. 8. The Dow Jones industrial average closed 344.89 points lower at 23,857.71 and re-entered correction territory.
Oil extended its slide following an industry report that American crude storage surged. An American Petroleum Institute tally on Tuesday was said to show a 5.32-million-barrel jump, way higher than expected. West Texas Intermediate crude for May delivery fell 90 cents, or 1.4 percent, to $64.65 at 4:55 p.m.
U.S. Weighs Use of Emergency Law to Curb Chinese Takeovers. The Trump administration is considering a crackdown on Chinese investments in technologies the U.S. deems sensitive by invoking a law reserved for national emergencies, among other options.
German Chancellor Angela Merkel called for dialogue on trade policy between the European Union and the United States in a telephone call with US President Donald Trump on Tuesday.
Lazada’s LiveUp membership to lose Uber and Uber Eats, new tie-ups with ofo and Chope.
Sasseur Reit IPO is more than 3.7 times subscribed.
LIAN Beng Group has restructured its businesses and will be spinning off its property development unit, SLB Development, to be listed on the Catalist Board of the Singapore Exchange (SGX).
Singapore Changi Airport registered 4.93 million passenger movements in February, a 5.6% year-on-year increase. Aircraft movements were 6.0% higher with 29,700 landings and takeoffs, while airfreight throughput was stable at 1.4% to reach 148,930 tonnes, compared to the same period last year. Passenger traffic for the month was boosted by the Lunar New Year holidays, with travel to and from the Southeast and Northeast Asia regions accounting for over half of the growth. Among Changi’s top 10 country markets, China (+13%) and India (+12%) were the fastest growing.
Source: SGX Masnet, The Business Times, Changi Airport Group, Phillip Securities Research
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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