Daily Morning Note – 6 Nov 2019
WEEKLY MARKET OUTLOOK WEBINAR
PHILLIP SUMMARY
A much broader breakout in the markets may be very near.
The markets have started the month with a powerful, largely cyclical, rally. What’s missing is a significant breakout: Only 10% of the S&P are at new highs, despite a historic high for that index. Part of the reason is a big move-up in the largest stocks. Six of the seven biggest stocks in the S&P 500 are outperforming the index this month, including Apple, Alphabet and Amazon.
BREAKING NEWS
Wall Street stocks paused on Tuesday in record range on rising hopes over US-China trade talks as US services sector data topped expectations. The Dow mustered a narrow record for a second day in a row, while the S&P 500 fell slightly and the Nasdaq was flat.
DOOR-MAKER KLW Holdings warned on Tuesday that it expects to post a net loss for the second quarter ended Sept 30, its second warning in as many quarters.
KBS Prime US Reit on Tuesday posted a distribution per unit (DPU) of 1.38 US cents for its third quarter, higher than its forecast of 1.31 US cents for the period, on the back of stronger rental income.
DEBAO Property Development could end up on the Singapore Exchange’s watch-list, after certain restatements meant it has now recorded pre-tax losses for the three most recently completed consecutive financial years.
HIGHER finance costs and the absence of a one-off gain dampened results for real estate developer Perennial Real Estate Holdings for its third quarter ended Sept 30.
SINGAPORE Airlines (SIA) on Tuesday posted a 68 per cent jump in net profit for the second quarter to S$94 million from S$56 million a year ago, owing to improvement in share of results from associates and joint ventures (JVs) which was partially offset by higher net finance charges.
Source: SGX Masnet, The Business Times, Bloomberg, Channel NewsAsia, Reuters, PSR
TECHNICAL PULSE
Silverlake Axis Ltd
Recommended Action: Technical BUY
Silverlake Axis (SGX:5CP) bearish sentiment might take a breather and the bulls will take over the baton based on the technicals
Webinar Of The Week
Date: 04 November 2019
Phillip Research in 3 minutes: #16- JEP Holdings Ltd
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