SG US Market Updates, Charts and Analysis: February 2020

Thursday, February 27, 2020

Thursday, February 27 , 2020

STI selling angle steepens / intensifies. However, an intrday base was formed and then STI rebounded to par losses to just 5.82% (0.19%) to close at 3111.70. Finally, we see volume came back and Friday is the last trading day of the month, window dressing?
Unless STI can breakout of this sell down channel, it is going to drop back down.

INDEX : STRAITS TIMES 3,111.700 -5.82 (-0.19%)
Prev : 3,117.520	High : 3,114.150	Low 3,086.390	Open 3,110.230

Singapore shares extend losses as Covid-19 contagion fears persist

27 Feb 2020 18:25

By Navin Sregantan

WITH little positive news on the Covid-19 front, Singapore equities extended losses on Thursday.

The fluidity of the situation has kept investors busy trying to price in the economic impact of the outbreak, which is already showing signs of establishing a foothold in Europe and the Middle East.

In Singapore, the Straits Times Index (STI) slipped by more than 1 per cent in the afternoon but staged a rebound after the 3,100 support level was breached.

While not quite the intraday V-shaped recovery optimists would hope for, the blue-chip index still clawed back losses to finish 5.82 points or 0.2 per cent lower at 3,111.70.

"The STI should find good support around 3,076-3,092. It is extremely unlikely that the index goes below 3,040 - the intraday low last seen on Aug 29, 2019 - on a sustained basis," remisier Ernest Lim told The Business Times.

Elsewhere in the Asia-Pacific, the slide from equity benchmarks in Australia, South Korea and Taiwan continued. On the other hand, China and Hong Kong were up on hopes of further stimulus and fewer virus deaths there. Malaysia also closed higher.

With markets still jittery, Oanda Asia-Pacific senior market analyst Jeffrey Halley said: "(The) coronavirus will continue to dominate equity sentiment, and one can't help but feel that we are still nearer the beginning than the end. Against that background, equity rallies are likely to be there to sell."

Trading volume in Singapore was 1.82 billion securities, 54 per cent above the 2019 daily average, but total turnover came to S$1.66 billion, 56 per cent over last year's intraday mean.

Across the broader market, decliners beat advancers 277 to 178. Of the STI's 30 components, 21 ended in the red.

Tech manufacturers were among the bright spots. AEM Holdings advanced S$0.07 or 3.2 per cent to S$2.24. Analysts at CGS-CIMB, DBS Group Research and Maybank Kim Eng upgraded their earnings forecasts for the test handler following a record profit and revenue performance in FY2019.

They believe AEM is poised for further growth on strong sales to key customer Intel, alongside the recovery in the semiconductor sector.

Other semiconductor stocks that ended higher include Frencken Group (up 1.5 Singapore cents or 1.8 per cent to 86.5 cents) and UMS Holdings (up S$0.02 or 2.1 per cent to S$0.96).

Among property listings, shares in PropNex edged up 0.5 Singapore cent or 0.9 per cent to 55.5 cents after Q4 net profit rose more than four times to S$8.2 million due to better commission income.

Fellow real estate agency APAC Realty, which reported better Q4 earnings on Monday due to higher brokerage income, closed unchanged at 48.5 Singapore cents. RHB Research analyst Vijay Natarajan said he expects further recovery in both primary and secondary residential property markets provided the Covid-19 outbreak is a short-term issue.

Glove maker Riverstone Holdings dipped S$0.01 or 0.9 per cent to S$1.04. Research houses remain bullish on their FY2020 outlook for Riverstone, which is set to benefit from strong demand for healthcare and cleanroom gloves amid the virus outbreak.

Source: Business Times Breaking News

Source and recommended reads :

https://sginvestors.io/market/sgx-share-price-performance/straits-times-index-constituents

https://sginvestors.io/market/sgx-breakout-price-3-month-high-volume-above-average

https://sginvestors.io/market/sgx-breakout-price-3-month-low-volume-above-average

https://www.investingnote.com/posts/1852141

Singapore business news

https://www.businesstimes.com.sg/stocks

https://www.straitstimes.com/business/companies-markets

https://www.theedgesingapore.com/

US Indices & stocks performance

https://www.investing.com/indices/

https://money.cnn.com/data/fear-and-greed/

DISCLAIMER:

Hello,

All information updates, tables and charts are for informational purposes only; they are not intended for trading purposes or advice.

We do not and cannot guarantee the accuracy of the information.

Please consult your broker or financial representative to verify pricing before executing any trade.

We are not liable for any actions taken in reliance on information contained herein.

With best regards,

Martin

Wednesday, February 26, 2020

Wednesday, February 26 , 2020

Bearish momentum followed thorough STI, taking it down 40.72 points (1.29%) to close at day low firmly 3117.52. STI inside a down trend channel currently. Watch 3100 to hold.

INDEX : STRAITS TIMES 3,117.520 -40.72 (-1.29%)
Prev : 3,158.240	High : 3,136.440	Low 3,117.520	Open 3,131.640

Singapore shares slide 1.3% after US warns of sustained Covid-19 spread
26 Feb 2020 18:26
By Navin Sregantan

COVID-19 continues to dominate news flows globally and with the situation still fluid, markets remain volatile, evidenced by the resumption of the sell-off during Wednesday's session in Singapore.

Tuesday's rebound in the local equity market was short-lived as market participants were jolted by word that US health officials expect a sustained spread of the novel coronavirus to take root there. Meanwhile, the number of Covid-19 cases in South Korea continues to climb.

The Straits Times Index (STI), down 0.9 per cent shortly after the opening bell, traded in that range for most of the session before a late dip to close 40.72 points or 1.3 per cent lower at 3,117.52. All but two - ComfortDelGro and Dairy Farm International - of the blue-chip index's 30 components ended in the red.

With volatility reigning supreme, most other Asia-Pacific benchmarks also struggled to put up consecutive sessions of gains. Australia, Japan, China, Hong Kong, Malaysia, South Korea and Taiwan all posted losses for the day.

That being said, the sell-off in Asia was more measured compared to Europe and the US. This is likely due to the region's markets pricing in the economic impact of Covid-19 for about a month now compared to their Western counterparts.

Oanda Asia-Pacific senior market analyst Jeffrey Halley offered another explanation. He said: "In a rerun of (Tuesday), US index futures are tracing out a small profit-taking dead cat bounce, and that appears to be taking the edge off Asian selling interest."

However, US futures reversed course after Europe markets opened. Likewise, the STI dipped further in the last hour of trading.

Interestingly, gold prices moved in tandem with equity market performance. AxiCorp chief market strategist Stephen Innes attributed the yellow metal's weakness "to a combination of profit-taking, and liquidation to raise cash, likely related to margin requirements".

Trading volume in Singapore was 1.52 billion securities while total turnover came to S$1.45 billion. Decliners trumped advancers 321 to 133.

Genting Singapore was the STI's most active counter. Shares in the casino operator fell S$0.02 or 2.3 per cent to S$0.84 with 53.9 million shares traded.

The banking trio also ended lower. DBS Group Holdings fell S$0.27 or 1.1 per cent to S$24.66, OCBC Bank lost S$0.11 or 1 per cent to S$10.86 while United Overseas Bank (UOB) ended at S$25.13, down S$0.27 or 1.1 per cent.

Among listings in the second line, Penguin International fell 3.5 Singapore cents or 4.9 per cent to 67.5 cents after it posted a FY2019 revenue of S$136.3 million and net profit of S$19.4 million, which were in line with street expectations.

Analysts remain positive about the company, which builds and owns niche high-speed aluminium craft.

CGS-CIMB analyst Cezzane See said: "We like Penguin as it is increasingly profitable, cheap (compared to) domestic peers and still in a net cash position, which will accord it dry powder to shore up its build-to-stock inventory."

Meanwhile, UOB Kay Hian analysts see value in Penguin's stock. They said: "We believe that the market is severely undervaluing Penguin's healthy balance sheet and expanding order book."

Source: Business Times Breaking News

Source and recommended reads :
https://sginvestors.io/market/sgx-share-price-performance/straits-times-index-constituents
https://sginvestors.io/market/sgx-breakout-price-3-month-high-volume-above-average
https://sginvestors.io/market/sgx-breakout-price-3-month-low-volume-above-average
https://www.investingnote.com/posts/1852141

Singapore business news
https://www.businesstimes.com.sg/stocks
https://www.straitstimes.com/business/companies-markets
https://www.theedgesingapore.com/

US Indices & stocks performance
https://www.investing.com/indices/
https://money.cnn.com/data/fear-and-greed/

DISCLAIMER:
Hello,
All information updates, tables and charts are for informational purposes only; they are not intended for trading purposes or advice.
We do not and cannot guarantee the accuracy of the information.
Please consult your broker or financial representative to verify pricing before executing any trade.
We are not liable for any actions taken in reliance on information contained herein.
With best regards,

Martin

Tuesday, February 25, 2020

Tuesday, 25th February , 2020

STI had a sharp rebound closing 16.04 higher at 3158.24 at around previous low level.

INDEX : STRAITS TIMES 3,158.240 +16.04 (0.51%)
Prev : 3,142.200	High : 3,171.740	Low 3,142.200	Open 3,145.010

Singapore shares rise 0.5% on Tuesday as bargain hunters move in

25 Feb 2020 18:28

By Claudia Tan

A BARGAIN-HUNTING session brought the Straits Times Index up 16.04 points or 0.51 per cent to 3,158.24 on Tuesday, following a sell-off at the start of the week as Covid-19 cases soared in South Korea and Italy over the weekend.

Advancers outnumbered decliners 237 to 197 after about 1.62 billion securities worth about S$1.32 billion changed hands.

With the jury still out on how long Covid-19 will last, traders are trying to figure out what level of risk alert the market should be on, according to Stephen Innes, chief market strategist at AxiCorp.

But with the uncertainty surrounding the full extent of the economic impact on the back of travel bans and airline suspensions, "traders are finding it more uncomplicated to toggle risk-off rather than on", he said.

Among the actively traded stocks included ST Engineering, which advanced S$0.22 or 5.24 per cent to S$4.42 on a cum-dividend basis. This comes after the company on Monday posted a 36.2 per cent rise in its Q4 net profit to S$169.5 million.

RHB Securities has since raised its target price from S$4.55 to S$4.90 and maintained a "Buy" call on the stock.

ST Engineering is well-positioned to deliver a 10 per cent profit growth in 2019 to 2022 on the back of "a record-high order book, contributions from new acquisitions, and through continuing investments to expand its capabilities in aerospace and electronics", noted the RHB Securities report.

The report also pointed out that "the diversified, defensive nature of its business should enable ST Engineering to weather the near-term impact of the Covid-19 outbreak".

Banking stocks closed in the green after Monday's sell-off as investors look to buy into dips for dividend-yielding plays.

While analysts expect FY20 revenues of banks to be impacted by Covid-19 as they keep a tight rein on costs, the sector should see some support from dividend yields, according to a DBS report.

DBS gained S$0.08 or 0.32 per cent to S$24.93, United Overseas Bank rose S$0.12 or 0.48 per cent to S$25.40, while OCBC Bank edged up S$0.05 or 0.46 per cent to S$10.97.

Among the decliners was Singapore Airlines, which fell 0.24 per cent to S$8.46. This came as the national carrier introduced a hiring freeze and contemplates other cost-cutting measures amid the outbreak.

Other stocks most heavily traded by volume included Yangzijiang Shipbuilding, which closed at S$1.01 with 23.9 million shares traded, while Genting Singapore ended at S$0.86 on a trade of 37.9 million shares.

The Singapore bourse's performance was in line with some regional markets, including Malaysia, South Korea and Hong Kong.