Daily Morning Note – 8 Jan 2020

WEEKLY MARKET OUTLOOK WEBINAR

PHILLIP SUMMARY

Asian equity futures were mixed after U.S. stocks fell amid the Iran tensions. The dollar rose across the board, with the Australian dollar losing more than 1% as investors assess the impact on the economy from the ravaging bushfires. Oil continued its retreat from multi-month highs. Gold advanced.

Improving confidence helped stoke a 0.5% rally in the yuan Tuesday, pushing it to its strongest level since early August. The currency punched past the key 6.95-per-dollar level, and traded on the strong side of its 200-day moving average for the first time since May. The CSI 300 Index of stocks closed at an almost two-year high as volume jumped. The return of risk appetite in China comes amid growing optimism that Beijing and Washington may sign an initial deal on trade as soon as next week.

BREAKING NEWS

China’s foreign exchange (forex) reserves rose more than expected in December as the yuan rebounded after Washington and Beijing reached a partial trade deal.

The proposed sale of shares in TEE International by controlling shareholder Phua Chian Kin “is still pending completion amidst ongoing discussions between Mr Phua and the buyer”, said the mainboard-listed firm on Tuesday night.

Ongoing bushfires in Australia have not affected the properties of QAF’s pork production business Rivalea Australia, nor materially affected its operations to date, the mainboard-listed food company said on Tuesday after market close.

Astaka Holdings is the latest among Singapore-listed property developers with projects in Johor to get flagged by its auditors regarding going concern matters.

Catalist-listed ISEC Healthcare is looking to buy Indah Specialist Eye Centre in Johor Bahru, Malaysia for some RM37.4 million (S$12.3 million).

The Singapore Exchange’s regulatory arm, SGX RegCo, is urging investors and potential investors to exercise caution when dealing in shares of mainboard-listed China Haida, and is reviewing recent trades in the watchlisted firm’s shares, it said in an announcement on Tuesday evening.

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

TECHNICAL PULSE

United Overseas Bank Ltd

Recommended Action: Technical BUY

United Overseas Bank (SGX: U11) finally displaying some potential bullish action based on the technical indicated.

Read more technical reports

Webinar Of The Week

Market Outlook: : (PSR) Singapore 2020 Outlook, Phillip Absolute 10 and Technical Analysis

Date: 06 January 2020

For more on Market Outlook

Phillip Research in 3 minutes: #16- JEP Holdings Ltd

Updates summarised in 3 minutes

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 “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.