Market Wrap Up
Singapore stocks rebounded from early weekly low tracking cues from US market and rise in Crude oil prices. Earlier market concerns about US and China trade war, slowing world economy, Fed chair exit after US president disagree on early rate hike.
Strong Retail sales number pushes Dow higher by 1000 points. This act as catalyst in Asian market recovery including Strait Times, on local front CPI comes lower 0.3% against forecast of 0.6%.
Industrial production data both shows strong increase in percentage terms yearly and monthly which came 7.6% (YoY) & 2.8% (MoM).
STI index managed to hold 3000 psychological support level finally close week at 3053.43.
On basis of trading activity and sector performance IT and Energy sectors were weak performer while consumer discretionary, Industrials were best performer.
Stocks which had new key developments and actively traded will be in focus next week listed below
Singapore Telecommunications Limited is a Singaporean telecommunications company. The company is the largest mobile network operators in Singapore with 4.1 million subscribers and through subsidiaries.
Company announced that it completed acquisition of 100% of the shares of Hivint Pty Limited by Singtel’s wholly-owned subsidiary, Optus Cyber Security Pty Limited.
Singtel has appointed two new board members – Gail Kelly (former Westpac Banking Corporation chief executive officer), and Google’s vice-president of product management Bradley Horowitz.
SingTel is currently trading near its 52 week low at 2.88. As stock traded below level of 2.96 downside remains open. Above level of 2.96 immediate upside to 3.04-3.09 possible
United Overseas Bank Limited is a Singaporean multinational banking organisation headquartered in Singapore, with branches mostly found in most Southeast Asian countries
In the exchange filing company said in daily buy back it acquired shares in consideration of amount SGD 7,373,802 by open market.
In week where STI falling and company who continuously buy back shares give positive overview for stock.
Stock took support below 23.8 multiple times and reverse back to trading range. Close above 24.40 brings momentum in price with new trading range of 24.40-25.30
CEREIT’s key objectives are to provide regular and stable distributions, per unit (“DPU”) and net asset value (“NAV”) per Unit.
CEREIT is managed by Cromwell EREIT Management Pte
CROMWELL European Reit (E-Reit) is buying logistics properties in France S$33.75 million to gain exposure to logistics market. The acquisition will be completed with debt and equity from Cromwell E-REITs’ 224.1 million euro, 38-for-100 rights issue.
Stock can trade in range of 0.415 to 0.460 above 0.460 level of 0.470 possible.
Yangzijiang Shipbuilding Holdings Limited builds a wide range of commercial vessels, mini bulk carriers, multi-purpose cargo vessels, containerships, chemical tankers, offshore supply vessels, rescue and salvage vessels, and lifting vessels.
Stock was one of the gainer of last trading day of week. As STI component stock fall with recent fall but hold the level of 1.18. If we compare with STI which fall 2.00% stock only fall -0.80%.It can trade between SGD 1.15-1.30.
Above 1.30 major bullish trend possible till sell on rise strategy one should follows