Daily Morning Note – 5 June 2020

PHILLIP SUMMARY

Asian stocks looked set for a muted start to Friday trading after a dip in U.S. shares amid concern the recent rally had gone too far. The dollar fell with Treasuries, while futures were flat in Japan, and slipped in Hong Kong and Australia. The S&P 500 Index fell less than half a percentage point, still its biggest drop in two weeks, snapping a four-day winning streak. Treasury yields rose as weekly American jobless claims fell. The euro earlier surged after the European Central Bank announced a bigger than expected boost to its emergency bond-buying program. Elsewhere, West Texas oil was steady amid the long-running feud over compliance with production cutbacks. Gold climbed.

BREAKING NEWS

Mapletree Industrial Trust will join the benchmark Straits Times Index (STI) from June 22, replacing Singapore Press Holdings (SPH), following the latest quarterly review of the STI by FTSE Russell.

Creative Technology will be launching its range of Super X-Fi products in China online on Friday via live-streaming, it said on Thursday. Super X-Fi is a technology that Creative has put into its range of products such as headphones and gaming headsets, which promise the experience of a high-end multi-speaker system, making users feel like they are at the venue of a concert or in the environment of a game.

The manager of BHG Retail Real Estate Investment Trust (BHG Retail Reit) has terminated its proposed acquisition of a Beijijng outlet mall due to the “impact of Covid-19 on capital markets and the economy as well as the inherent unpredictability and evolving situation”, it said in a bourse filing on Wednesday evening.

The ruler of Malaysia’s Perlis state has sold a 30 per cent stake in F&N AgriValley Sdn Bhd back to Fraser & Neave’s subsidiary Fraser & Neave Bhd (F&NHB), after a deal for the latter to acquire a plot of land in Malaysia for dairy farming and milk production got scrapped.

Mainboard-listed mDR has proposed to undertake a 100-for-one share consolidation, subject to shareholders’ approval at an extraordinary general meeting (EGM).

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

TECHNICAL PULSE

Technical Analysis: Singapore Stocks – Strong upside met with resistance at key levels

Analyst: Chua Wei Ren

– The Singapore stock market enjoyed a strong rally on the Monday opening.

– However, the majority of the stocks have shown signs of reversal on key resistance levels.

– Further price action is needed to determine reversal or correction of the local stock market.

>> Read more technical reports

RESEARCH VIDEOS

Webinar Of The Week

Market Outlook: (PSR) IREIT, ECW REIT, PropNex, CDG, ThaiBev, Singapore REITs/Banking Sector & SG Weekly

Date: 26 May 2020

For more on Market Outlook

Phillip Research in 3 minutes: #22- Singapore Banking Sector

For more videos on Phillip in 3 Mins

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





Disclaimer
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 揳s 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.