Daily Morning Note – 9 April 2020


Wall Street stocks finished with solid gains on Wednesday as the market embraced data from New York and other coronavirus hotspots that suggested the outbreak was leveling off.

The Dow Jones Industrial Average jumped 3.4 per cent, or around 780 points, to 23,433.57.

The broad-based S&P 500 also gained 3.4 per cent to 2,749.98, while the tech-rich Nasdaq Composite Index advanced 2.6 per cent to 8,090.90.

Stocks were in positive territory all day, picking up momentum after New York Governor Andrew Cuomo said the state had suffered 779 fatalities over the last day, a new record, but that the hospitalisation rate was continuing to decrease because of social confinement orders.


Oil futures strengthened late in the session on Wednesday, buoyed by hopes that Opec and its allies will strike a production cut agreement on Thursday.

Broadway Industrial Group was hit with a fresh query by the bourse regulator over trading activity on Wednesday, its third one in nine months. The group’s shares climbed 32.8 per cent, or 2.1 Singapore cents, to close at 8.5 Singapore cents on Wednesday. A total of 36.3 million shares changed hands.

The board of directors and top executives at Starhill Global Reit (SGReit)’s manager will take paycuts in light of the Covid-19 situation, the savings of which will be passed on to unitholders as part of a 10-per-cent reduction in base management fees payable by SGReit for the next three months from April.

Sunningdale Tech has obtained approval from the Ministry of Trade and Industry to continue its Singapore operations during the circuit-breaker period that lasts at least till May 4.

China Haida said in a statement on Wednesday that it has come to its attention that two bank accounts of its wholly-owned subsidiary, Jiangyin Litai Ornamental Materials Co, have been frozen following an interim court order issued by a Sichuan court. A third bank account has been restricted.

HYFLUX on Tuesday filed urgent applications in the High Court to postpone the scheme meetings scheduled to take place on April 22 and 23, in view of the enhanced measures by the Singapore government to battle the Covid-19 outbreak.

HG METAL Manufacturing’s wholly-owned subsidiary HG Construction Steel has received approval from the Ministry of Trade and Industry to be exempted from the Suspension of Workplace Activities order that will last till May 4.

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


MTR Corp Ltd

Recommended Action: Technical SELL

MTR Corp (HK: 68) is headed for another sell-off after the strong rebound

Xiaomi Corp

Recommended Action: Technical SELL

Xiaomi (HK: 1810) sell-off will continue further based on the technical

Read more technical reports


Webinar Of The Week

Market Outlook: (PSR) City Development Limited, CapitaLand Limited, Dasin, EC World, REITS & Banking Monthly, SG Weekly & Technicals

Date: 16 March 2020

For more on Market Outlook

Phillip Research in 3 minutes: #19 – Singapore Banking Sector Update

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

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.


Contact us to Open an Account

Need Assistance? Share your Details and we’ll get back to you