Daily Morning Note – 5 July 2018
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UOB Ltd – Daily timeframe – Bullish
– The subsequent bullish break above the 200-day moving average and 26.98
immediate range high on 04/07/18 signals a reversal back into the long-term
– Expect price to rebound higher next to test the 28.06 resistance area followed
For more information and additional disclosures, refer to the link here.
China Vows Not to Fire Tariff Shot Ahead of U.S. in Trade War. A statement issued by the China’s State Council on June 16 said that retaliatory extra duties on $34 billion of U.S. imports are set to take effect on July 6.
Trump demands that OPEC do more to stabilize oil markets and ‘reduce pricing now’.
Mapletree Logistics Trust to acquire 5 more Singapore properties for S$778.3m. The properties comprise five ramp-up warehouses located in the western part of Singapore with a total gross floor area of around 3.2 million square feet, and a weighted average age of 4.8 years.
Battery maker GP Industries sells land in China for 266m yuan. The land and buildings are currently used by the group as a factory and a warehouse for the manufacturing of acoustic and electronic products and a dormitory for its employees.
Midas board flags suspicion with rubber seal and signatures in loan-guarantee documents. An alleged board resolution that had been used to provide liability guarantees for 400 million yuan (S$82.3 million) in loans was sealed with a rubber seal meant for parcel deliveries, and not with the company’s common seal.
Source: SGX Masnet, Bloomberg, Reuters, The Business Times, Channel NewsAsia, 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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