Daily Morning Note – 29 Nov 2019



Stocks in Asia looked set to nudge higher on the final trading day of November with a lack of fresh drivers due to the U.S. holiday. Futures in Japan, Hong Kong and Australia all pointed to modest gains. U.S. equity and bond markets were shut Thursday for Thanksgiving, while European shares slipped. Oil climbed as OPEC+ signaled it will stick with existing output cuts at next week’s meeting, and the dollar was little changed. Meanwhile, traders in Seoul will be watching out for commentary from the Bank of Korea, which is expected to keep its policy rate unchanged. Elsewhere, the Chilean peso set a record low for a second day and the central bank said it will directly intervene. Gold was at $1,456.27 an ounce, up 0.1%.


ASIAN equities were mostly lower after US President Donald Trump signed the Hong Kong pro-democracy bill, just a day after reassuring markets that Beijing and Washington were in the “final throes” of a mini trade deal.

Hong Kong stocks ended with losses Thursday after Donald Trump’s decision to sign a bill supporting the city’s protests sparked anger in Beijing and fuelled concerns about the outlook for the China-US trade talks.

PROVENANCE Capital, the independent financial adviser (IFA), has advised the recommending directors of PACC Offshore Services Holdings (POSH) to recommend shareholders accept the cash offer at S$0.215 per share because it is “fair and reasonable”.

MAINBOARD-LISTED Duty Free International intends to return surplus capital to shareholders through a cash distribution of S$0.035 per ordinary share, subject to approval at an extraordinary general meeting (EGM) to be convened.

KEONG Hong Holdings’ net profit declined 37.9 per cent to S$6 million for the fourth quarter to September, on the back of greater impairment loss on investment in associates and provision of estimated credit loss for non-trade receivables and corporate guarantee liability.

OVER three years after the minimum trading price (MTP) for stocks to remain listed on the mainboard came into effect, the Singapore Exchange Regulation (SGX RegCo) announced on Wednesday that it is seeking public feedback on a proposal to scrap the rule.

THE restructuring agreement just signed this week between debt-ridden Hyflux and white knight Utico might fall through, given that Hyflux’s unsecured bank lenders are said to be opposed to the deal.

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

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