Daily Morning Note – 4 July 2019


Register HERE for MONDAY’s 11.15am webinar.

Archived webinars available.


U.S. stocks closed higher Wednesday, during a holiday-abridged trading session, with all three major benchmarks setting record closes as investors cheered signs that global monetary policy will become more stimulative in the months ahead. Market participants also digested new U.S. job-growth estimates from ADP as well as jobless claims data that paint a conflicting picture of the labor market ahead of the much anticipated government job report, due Friday. The Dow Jones Industrial Average rose 179.32 points, or 0.7%, at 26,966, it’s first record close since Oct. 3, while the S&P 500 index set its third-straight record close, rising 22.81 points, or 0.8% to 2,995.82. The Nasdaq Composite index ended the day at an all-time high of 8,170.23, adding 61.14 points , or 0.8%. The S&P also set a new intraday high of 2,995.83 while the Dow’s closing level also ranks as an intraday record.


Wilmar International Ltd

Recommended Action: Technical BUY at Dip

Wilmar has broken the psychological 3.70 resistance. Based on the Fibonacci extension level, we believe that Wilmar is going for the last push towards 3.95, which is at the 127.2% of the Fibonacci expansion level.


Singapore Coal Monthly – More bad news in May

Recommendation: HOLD, Analyst: Chen Guangzhi

– Prolonged restriction on coal import in China

– Proposing higher royalties and early application for permit extensions in

– Heavy rainfall affected coal supply in South Kalimantan


CapitaLand eyes positive re-rating for enlarged Ascott Reit-BT.

Ascott Reit-A-HTRUST merger puts it on path for index inclusion and wider investor base.

The US government said on Wednesday it was reviewing license requests from US companies seeking to export products to China’s Huawei Technologies “under the highest national security scrutiny” since the company is still blacklisted.

United States makes first-ever rice sale to China: trade group.

Oil prices edged higher on Wednesday ahead of a US holiday, after falling steeply a day earlier as worries about a slowing global economy outweighed a decision by Opec and allies to extend crude output cuts.

Wall Street stocks surged to records on Wednesday in a holiday-shortened session as a plethora of mixed US economic data appeared to boost the odds of a Federal Reserve interest rate cut.

The Singapore market had a busy mid-week session on its hands, though much of the vibrant turnover on the day can be attributed to a number of very different factors that weighed on investors’ minds.

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

Clients of Phillip Securities can keep updated with Country Strategy and Singapore Sector Reports by logging into: www.poems.com.sg > STOCKS > Research

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

The information contained in this email and/or its attachment(s) is provided to you for information only and is not intended to or nor will it create/induce the creation of any binding legal relations. The information or opinions provided in this email do not constitute an investment advice, an offer or solicitation to subscribe for, purchase or sell the e investment product(s) mentioned herein. It does not have any regard to your specific investment objectives, financial situation and any of your particular needs. Accordingly, no warranty whatsoever is given and no liability whatsoever is accepted for any loss arising whether directly or indirectly as a result of this information. Investments are subject to investment risks including possible loss of the principal amount invested. The value of the product and the income from them may fall as well as rise. You may wish to seek advice from an independent financial adviser before making a commitment to purchase or investing in the investment product(s) mentioned herein. In the event that you choose not to do so, you should consider whether the investment product(s) mentioned herein is suitable for you. PhillipCapital and any of its members will not, in any event, be liable to you for any direct/indirect or any other damages of any kind arising from or in connection with your reliance on any information in and/or materials attached to this email. The information and/or materials provided “as is” without warranty of any kind, either express or implied. In particular, no warranty regarding accuracy or fitness for a purpose is given in connection with such information and materials.
Confidentiality Note
This e-mail and its attachment(s) may contain privileged or confidential information, which is intended only for the use of the recipient(s) named above. If you have received this message in error, please notify the sender immediately and delete all copies of it. If you are not the intended recipient, you must not read, use, copy, store, disseminate and/or disclose to any person this email and any of its attachment(s). PhillipCapital and its members will not accept legal responsibility for the contents of this message. Thank you for your cooperation.


Contact us to Open an Account

Need Assistance? Share your Details and we’ll get back to you