Daily Morning Note – 30 July 2019
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U.S. stocks traded in a tight range on Monday as Wall Street tempered its expectations for this week’s trade negotiations between Washington and Beijing and looked ahead to the latest monetary policy decision from the Federal Reserve.
The Dow Jones Industrial Average rose 28.90 points — about 0.1% — to finish at 27,221.35 as modest gains in Home Depot, Merck and Intel pulled the blue-chip index higher. The S&P 500 fell 0.16% to 3,020.97 as financials, consumer discretionary and communication services stocks lagged.
The tech-heavy Nasdaq Composite, meanwhile, dropped 0.44% to close at 8,293.33 as Amazon fell 1.5%, Microsoft lost 0.2% and Facebook shed 1.9%.
The Fed will announce its latest decision on whether to adjust interest rates at 2 p.m. ET Wednesday; Chairman Jerome Powell will also address the state of the economy in a press conference at 2:30 p.m. ET later Wednesday.
Sheng Siong chalked up a 7.4 per cent year-on-year increase in net profit to S$18.4 million for the second quarter, on the back of greater revenue contributions, slight improvement in gross margin and higher other income.
Distributions per unit for Ascendas Reit in its first quarter rose marginally to 4.005 Singapore cents from 4.002 Singapore cents year-on-year on an enlarged unit base. Total amount available for distribution grew 6.3 per cent to S$124.7 million.
Delong Holdings said Monday Best Grace Holdings has renewed its conditional takeover bid to acquire all of the company’s shares at S$7.00 each. Best Grace’s previous offer was withdrawn in October 2018 as it would have needed to be raised to S$7.42 a share to be compliant with Singapore’s takeover code.
Source: SGX Masnet, The Business Times, Bloomberg, Channel NewsAsia, Reuters, PSR
SIA Engineering Co Ltd
Recommended Action: Technical BUY
SIA Engineering’s sudden rally in the first week of July has topped and started to reverse from the high of 2.96. Despite the downfall, technicals reveal that there is a huge upside potential for the stock.
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Date: 29 July 2019
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