Daily Morning Note – 9 July 2020
PHILLIP SUMMARY
Asian stocks looked set for modest gains after U.S. tech shares climbed to new highs and investors looked past tensions between Washington and Beijing, while the dollar fell. Futures pointed higher in Japan, Hong Kong and Australia. The S&P 500 Index climbed to a one-month high, while advances in high-flying megacaps like Apple and Amazon.com sent the Nasdaq Composite to a record. Gold topped $1,800 an ounce, while Treasury yields inched higher. The offshore yuan rose above 7 per dollar.
BREAKING NEWS
Singapore-based cancer-diagnostics company Biolidics said on Wednesday that it has entered a collaboration agreement with Hangzhou-based LC-Bio to develop cancer-diagnostic solutions.
Catalist-listed Hatten Land on Wednesday said that the holders of its US$25 million, 8-per-cent guaranteed secured bonds due 2020 have agreed to let it defer repayment on the bonds for the third time. This time, the repayment date will be extended to Aug 8, 2020.
SGX: the total market turnover value of securities on the Singapore bourse rose 74 per cent on the year last month to S$38 billion, while the securities daily average value (SDAV) climbed 50 per cent to S$1.73 billion, as markets reflected optimism from the reopening of major economies.
Investment holding company Tramore Global is making a 3.38 Singapore cents-per-share offer for all the shares in Tee International it does not own as a consequence of a 36.8 per cent stake acquisition, Tee International said in a bourse filing on Tuesday evening.
Source: SGX Masnet, The Business Times, Bloomberg, Channel NewsAsia, Reuters, PSR
TECHNICAL PULSE
Rex International Holding Ltd
Analyst: Chua Wei Ren
Recommended Action: Technical BUY
Rex International (SGX: 5WH) recovery has been progressing strongly with prices breaking the $0.150 psychological level in mid-May. However, Rex international does face some resistance at $0.200 region and based on the technicals, the stock is making another upside rally.
>> Read more technical reports
RESEARCH VIDEOS
Webinar Of The Week
Market Outlook: Market Outlook: SG Banking Monthly, SG Bonds Weekly and SG Strategy 3Q20 (with stock picks)
Date: 06 July 2020
Phillip Research in 3 minutes: #23- Yoma Strategic Holdings; Initiation
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