Daily Morning Note – 6 Oct 2020
Asian stocks looked set to follow their U.S. peers higher amid optimism over President Donald Trump leaving hospital and that lawmakers will move closer to providing more stimulus. Treasury yields jumped and the dollar weakened. Futures pointed to modest gains in Japan, Australia and Hong Kong. S&P 500 contracts were little changed after U.S. stocks closed at the highest levels of the day, rebounding from Friday’s swoon in the wake of Trump’s coronavirus disclosure. Energy, health care and technology shares were the biggest gainers, pushing the benchmark index up by the most in almost four weeks. The longest-maturity Treasury yield surged to a three-month high as traders adjusted their election bets after Joe Biden’s latest poll numbers.
SHARES of Malaysian glove manufacturer UG Healthcare Corporation jumped on Monday amid active trading, following news that the Employees Provident Fund (EPF) Board of Malaysia had become a substantial shareholder with a direct interest of 5.29 per cent, up from its previous 4.99 per cent stake. The stock began the day at S$0.96 before reaching a high of S$1.04 at 1.16pm. It was trading at S$1.02 as at 3.51pm, up S$0.085 or 9.1 per cent from Friday’s close.
FRASERS Property‘s Australian division has won a bid to join the Queensland government’s build-to-rent (BTR) pilot. This will help create BTR as a viable asset class in Brisbane and deliver affordable key-worker housing options to the inner city, said mainboard-listed Frasers Property in a press statement on Saturday.
SINGAPORE Airlines (SIA) has become the launch airline for the digital version of the Star Alliance Connection Service, used to facilitate time-critical flight connections between Star Alliance member airlines. Introduced in 2017, the connection service has, until now, required dedicated staff support to assist affected passengers in transferring between flights, SIA and Star Alliance said in a joint press statement on Monday.
STARHUB has completed a multi-party, roaming video conference call over 5G standalone technology with Malaysian mobile service provider U Mobile. This is part of 5G trials by the companies to “pave the way for consumers and businesses to enjoy crystal-clear and lag-free communication and entertainment experiences, no matter where they are in the world”, they said in a joint statement on Monday.
NG Kheng Choo’s involvement in the investigation into Eagle Hospitality Trust’s (EHT) directors and officers does not compromise her performance of her duties as an ISOTeam independent director. That was the view of the ISOTeam nominating committee and board, with Ms Ng abstaining, as at Monday, pending the outcome of the ongoing probe.
Source: SGX Masnet, The Business Times, Bloomberg, Channel NewsAsia, Reuters, PSR
Sheng Siong Group Ltd
Analyst: Chua Wei Ren
Recommended Action: Technical SELL
Sheng Siong Group Ltd (SGX: OV8) upside has taken a change after the technicals indicate further downside could be deeper.
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