Seoul: Won, stocks fall on growing chance of Fed rate hike soon

The South Korean won plunged more than 1 per cent against the dollar early on Monday after Janet Yellen's comments on Friday raised the chance the Federal Reserve may raise US interest rates soon, and even twice, by year-end.

The won was quoted at 1,124.1 as of 0214 GMT, down 0.9 per cent from the previous close of 1,113.7. It reached as low as 1,128.5, a one-week intraday low.

Ms Yellen suggested that the US economy has strengthened enough for a rate hike while Fed's No 2 policymaker Stanley Fischer hinted on more than one policy tightening before year end.

"The US August job report due this coming Friday will be closely watched by investors for whether a rate hike as early as next month will actually be possible," said Park Sung-woo, a foreign exchange analyst at NH Futures.Click Here To Register For Free Trial Services OR Give A Missed Call : +6531581402 Follow Us On Twitter : www.twitter.com/epicresearchsg Like Us On Facebook : www.facebook.com/EpicResearchSingapore Need Any Assistance Feel Free To Mail Us at : info@epicresearch.sg

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Singapore shares open 0.4% down on Monday

SINGAPORE stocks opened 0.4 per cent lower on Monday, with the Straits Times Index shedding 10.95 points to 2,846.7 as at 9am.

The blue-chip index was dented by indications from Fed officials that a rate hike is on the way this year.

About 36.3 million shares worth S$37.3 million in total changed hands, which worked out to an average unit price of S$1.03 per share.

Top stocks by value traded included Jardine Matheson, Keppel, Singtel, OCBC and DBS.

Losers outnumbered gainers 73 to 49, or about three down for every two up.Click Here To Register For Free Trial Services OR Give A Missed Call : +6531581402 Follow Us On Twitter : www.twitter.com/epicresearchsg Like Us On Facebook : www.facebook.com/EpicResearchSingapore Need Any Assistance Feel Free To Mail Us at : info@epicresearch.sg

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US dollar dips as dealers hope for US rate policy clues

The US dollar dipped Friday as dealers focus on a speech by Federal Reserve boss Janet Yellen later in the day they hope will supply fresh clues about the central bank's outlook for the US economy and monetary policy plans.

Markets hope Ms Yellen will provide some guidance in her remarks to the annual global bankers' symposium in Jackson Hole, Wyoming later Friday.

Her speech comes as leading central banks have proven unable to convincingly reverse a broad economic slump, despite years of ultra low borrowing costs and stimulus.

Divergent views from Fed officials in recent weeks have kept markets guessing about the bank's intentions.Click Here To Register For Free Trial Services OR Give A Missed Call : +6531581402 Follow Us On Twitter : www.twitter.com/epicresearchsg Like Us On Facebook : www.facebook.com/EpicResearchSingapore Need Any Assistance Feel Free To Mail Us at : info@epicresearch.sg

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Stocks to watch: IHH, Croesus Retail Trust, Sim Lian

EARNINGS dominated overnight news heading into Friday's market opening.

IHH Healthcare's second-quarter net profit rose 8 per cent to RM246.1 million (S$82.2 million) on the back of gains from a divestment and foreign exchange. The group posted a RM54.8 million gain from selling its 90 per cent stake in Shenton Insurance.

Croesus Retail Trust raised its distribution per unit to 1.7 Singapore cents for the fourth quarter as fair-value adjustments dragged down net profit by 21.8 per cent to 4.4 billion yen (S$59 million).

The Japan-focused real estate investment trust's net property income rose 19.4 per cent to 1.44 billion yen in the three months ended June 30, but fair-value gains on investment properties slipped 6.2 per cent to 5.6 billion yen while derivative financial instruments incurred a loss of 820.6 million yen compared to a year-ago gain of 233.7 million yen.Click Here To Register For Free Trial Services OR Give A Missed Call : +6531581402 Follow Us On Twitter : www.twitter.com/epicresearchsg Like Us On Facebook : www.facebook.com/EpicResearchSingapore Need Any Assistance Feel Free To Mail Us at : info@epicresearch.sg

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China's yuan firms vs dollar, focus on Yellen's Jackson Hole speech

China's yuan firmed on Thursday, underpinned by a modest pullback in the dollar index in Asian morning trade though activity remained subdued.

Trading was cautious ahead of the global central bankers' gathering in Jackson Hole, Wyoming, where Federal Reserve Chair Janet Yellen's speech on Friday may offer fresh clues on US monetary policy outlook.

"Signals on US monetary policy trend appear quite mixed of late," said a trader at a European bank in Shanghai.

"So (Chinese) banks choose to take a wait-and-see attitude, not to quote yuan/dollar rates aggressively. As such, the yuan's movements this morning were quite insignificant."Click Here To Register For Free Trial Services OR Give A Missed Call : +6531581402 Follow Us On Twitter : www.twitter.com/epicresearchsg Like Us On Facebook : www.facebook.com/EpicResearchSingapore Need Any Assistance Feel Free To Mail Us at : info@epicresearch.sg

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Seoul: Stocks flat on foreign selling, won edges up

South Korean shares were flat early on Thursday, dampened by foreign investors trimming their portfolios ahead of US Federal Reserve Chair Janet Yellen's speech this week that could signal an interest rate hike in September.

The Korea Composite Stock Price Index (Kospi) was little changed at 2,045.16 points as of 0210 GMT.

"Offshore investors are mainly dumping electricity and electronics shares, especially Samsung Electronics' stock which has pulled up the Kospi recently," said Kim Ye-eun, a stock analyst at LIG Investment & Securities.

Ms Yellen is due to speak at the global central bankers' meeting in Jackson Hole, Wyoming, on Friday, and markets are focused on what she will say about US monetary policy.Click Here To Register For Free Trial Services OR Give A Missed Call : +6531581402 Follow Us On Twitter : www.twitter.com/epicresearchsg Like Us On Facebook : www.facebook.com/EpicResearchSingapore Need Any Assistance Feel Free To Mail Us at : info@epicresearch.sg

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SGX issues trading queries to Magnus Energy, New Silkroutes

SINGAPORE Exchange (SGX) on Tuesday issued trading queries to two listed companies, Magnus Energy and New Silkroutes Group, for "unusual movements" in their counters.

The movements in Magnus Energy's shares prompted a query from the bourse operator, which noted this is the second query issued to the company in the past four months.

Magnus Energy had topped the list of the most active counters by volume in early-morning trade on Tuesday. As at 11.05am, the stock was still the most heavily traded, with 318.8 million shares changing hands.

Separately, New Silkroutes' counter rose 6.5 per cent or 3.5 Singapore cents to S$0.575 at 11.07am, with more than 1.1 million shares changing hands.

SGX noted this is the second query issued to New Silkroutes in the past one month.Click Here To Register For Free Trial Services OR Give A Missed Call : +6531581402 Follow Us On Twitter : www.twitter.com/epicresearchsg Like Us On Facebook : www.facebook.com/EpicResearchSingapore Need Any Assistance Feel Free To Mail Us at : info@epicresearch.sg

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Australia shares gain on strong earnings; NZ hits another record

Australian shares climbed 0.8 per cent on Tuesday aided by broad-based gains across all sectors as sentiment was buoyed by better-than-feared results from several large companies in the earnings season so far.

The S&P/ASX 200 index rose 42.15 points to 5,557.20 by 0115 GMT. The benchmark lost 0.21 per cent on Monday.

Banks and healthcare stocks led gains, aided by strong earnings from healthcare services provider Healthscope which posted a nearly 19 per cent rise in full year profits.

Australian companies have fared well in the current earnings season which is almost halfway through, Deutsche and UBS analysts wrote in separate 'earnings review' notes.

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Singapore shares open 0.09% lower on Tuesday

SINGAPORE shares opened lower on Tuesday, as investor sentiment was downbeat following the news that Singapore's former president SR Nathan died on Monday night.

Overnight, Wall Street ended its session flat after making early gains.

At 9.10am on Tuesday, the benchmark Straits Times Index was 2.66 points or 0.09 per cent lower at 2,838.53.

Some 304.1 million shares worth S$46.2 million had changed hands, with gainers outnumbering losers 72 to 60.

Some of the more active counters included HLH Group, CNMC Goldmine and Noble Group.Click Here To Register For Free Trial Services OR Give A Missed Call : +6531581402 Follow Us On Twitter : www.twitter.com/epicresearchsg Like Us On Facebook : www.facebook.com/EpicResearchSingapore Need Any Assistance Feel Free To Mail Us at : info@epicresearch.sg

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Gold futures settle lower, log weekly loss

Gold futures settled lower Friday and prices ended in negative territory, marking their fourth weekly decline in five.

The metal had spent much of the session trading higher as disappointing economic data from China and the U.S. helped to draw bidders in the yellow metal, but investors were wary as prices failed to hold ground above the key $1,350-an-ounce level.

December gold GCZ6, -0.61% fell $6.80, or 0.5%, to settle at $1,343.20 an ounce after tapping a high of $1,362.50. For the week, prices lost about 0.09%, according to FactSet data.

Silver for September delivery SIU6, -1.50%  shed 31.7 cents, or 1.6%, to $19.703 an ounce, with futures prices losing 0.6% for the week.

“If gold breaks up through $1,350, it will run much higher,” said Julian Phillips, founder of and contributor to GoldForecaster.com.

Despite the losses for gold Friday, some analysts remained upbeat over the prospects for the metal in the weeks ahead.

Phillips pointed out the “rapid approach of the ‘gold season’ in September.”

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SGX UPDATE 10th AUG'2016 BY EPIC RESEARCH

The Straits Times Index (STI) ended 42.61 points or 1.51% higher to 2870.78, taking the year-to-date performance to -

0.41%.

The top active stocks today were Singtel, which gaine

d 3.19%, DBS, which gained 1.42%, UOB, which gained 0.73%, OCBC

Bank, which gained 2.17% and ComfortDelGro, with a 2.87% advance.

The FTSE ST Mid Cap Index gained 0.02%, while the FTSE ST Small Cap Index rose 0.06%.

The outperforming sectors today were represented by the FTSE ST Telecommunications Index, which rose 2.80%. The

two biggest stocks of the Index - Singtel and StarHub – ended 3.19% higher and 1.27% lower respectively.

The underperforming sector was the FTSE ST Health Care Index, which slipped 1.17%. Raffles Medical Group shares

declined 1.30%and Riverstone Holdings declined 1.12%.

The three most active Exchange Traded Funds (ETFs) by value today were:

DBXT MSCI Indonesia ETF (+1.83%) ,SPDR Gold Shares (-2.27%) ,IS MSCI India (+1.79%)

The three most active Real Estate Investment Trusts (REITs) by value were:

CapitaLand Mall Trust (+2.80%) ,Ascendas REIT (-0.81%) ,CapitaLand Commercial Trust (+1.96%)

The most active index warrants by value today were:

HSI23800UBeCW161229 (+16.19%) ,HSI22400UBeCW161028 (+24.55%) ,HSI23000MBeCW160929 (+25.00%)

The most active stock warrants by value today were:

DBS MB ePW161201 (-8.22%) ,UOB MB eCW161031 (+6.00%) ,UOB MB ePW161201 (-5.00%)

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OIL UPDATE OF 10th AUG'2016 BY EPIC RESEARCH

Oil futures pulled back from a two-week high Tuesday to settle modestly lower as traders weighed continued concerns about a global supply glut versus prospects for an agreement by major producers to curb output.

On the New York Mercantile Exchange, crude futures for delivery in September  fell 25 cents, or 0.6%, to close at $42.77 a barrel. October Brent crude on London’s ICE Futures exchange lost 41 cents, or 0.9%, to settle at $44.94 a barrel.

Oil flipped between gains and losses in a choppy session, but were dragged lower around midday after the U.S. Energy Information Administration, in its monthly short-term energy outlook, said it expects U.S. crude oil production to decline to 8.73 million barrels a day in 2016 from 9.43 million barrels in 2015. In July, the agency had forecast 2016 production of 8.61 million barrels.

The change comes amid an uptick in the number of domestic rigs drilling for crude oil.

Futures, however, were locked in a relatively tight trading range ahead of weekly supply data, with some support attributed to a planned meeting of oil-producing nations in September despite skepticism over the prospects for curbing output.

Traders “continued to eye the possibility that [Organization of the Petroleum Exporting Countries] members may hold talks in September to consider production caps,” wrote strategists at Tradition Energy.

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Last week’s Volume Jumpers led by ‪‎Delfi‬, ‪‎JardineStrategic‬ & ‪NobleGroup‬

Last week’s Volume Jumpers led by ‪#‎Delfi‬, ‪#‎JardineStrategic‬ & ‪#‎NobleGroup‬
Of the active SGX-listed stocks, Delfi saw the biggest volume leap last week, with weekly volume three ti

Jardine Strategic Holdings bought back a total of 1,245,356 shares on Thursday & Friday which brought its weekly volume to twice its recent average. Noble Group traded weekly volume at 1.8 times its recent average, with higher intraday volatility and its share price declining 4.9% on the week.

Two REITs were amongst the 10 active stocks with the biggest leap in last week’s volume. They were SPH REIT and Mapletree Commercial Trust. The duo averaged a 0.9% total return last week which was twice the return of the SGX S-REIT 20 Index.

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Stocks to watch: DBS, Eu Yan Sang, China Sky Chemical Fibre, International Healthway

DBS Group: DBS reported on Monday that its net profit for the second quarter of 2016 was S$1.05 billion, down 6 per cent from a year ago due to a net allowance charge of S$150 million for DBS' exposure to the Swiber group.

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Eu Yan Sang: Eu Yan Sang on Monday warned that the offeror is not entitled to 

compulsorily exercise shares still held by minority shareholders, and shareholders who have not accepted the offer are likewise not entitled to exercise any rights to require the offeror to acquire their shares. All acceptances of the offer must be received no later than 5:30pm on Aug 15, 2016.

With the public float of its shares having fallen below the minimum free float requirements of 10 per cent, the Singapore Exchange may suspend the trading of the shares after the close of the offer, it said.

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China Sky Chemical Fibre: The firm on Monday requested a trading halt with immediate effect. In a filing to the Singapore Exchange (SGX), under "reasons for trading halt", the chemical fibres manufacturer said: "Pending company's response to SGX's queries on whether there are any unannounced lawsuits. The board of directors of the company is in the process of ascertaining the state of affairs of the company and whether the company is able to operate as a going concern.

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Singapore stocks trade higher on Monday

SINGAPORE'S stock markets opened higher on Monday with the benchmark Straits Times Index up 23.15 points or 0.82 per cent at 2,851.32 by 9.04am. This followed gains from the US on Friday and Tokyo markets on Monday.

Tokyo stocks opened sharply higher on Monday following another record on Wall Street after traders welcomed strong US jobs data. The benchmark Nikkei 225 index rallied 1.28 per cent, or 207.84 points, to 16,462.29 in opening deals, while the broader Topix index of all first-section shares soared 1.23 per cent, or 15.71 points, to 1,295.61.

On Singapore's bourse, some 79.9 million shares worth S$81.9 million had changed hands by 9.04am, with gainers outnumbering losers 109 to 51.

The three local banks were among the highest value traded counters, with UOB up seven cents to S$18.00, DBS up seven cents to S$14.90, and OCBC up nine cents to S$8.40.
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SINGAPORE COMEX UPDATE BY EPIC RESEARCH

Oil edged higher to $42 a barrel on Wednesday after hitting its lowest since April the previous day, supported by an

industry report showing a fall in U.S. inventories and a weaker dollar.But prices could struggle to make much headway,

analysts said, as sentiment remains bearish. A supply glut that has weighed on prices could increase if oil exports actually

restart from ports in Libya that have been closed since 2014.

 Gold prices held steady below a two-year high in European trade on Wednesday, as investors looked ahead to key U.S.

data later in the session to gauge the health of the world's largest economy and whether it is strong enough to warrant

an interest rate hike later this year.The U.S. is due to release the ADP jobs report for July at 12:15GMT, or 8:15AM ET,

with market analysts expecting a gain of 170,000 private sector payrolls.

 Nickel futures rose during evening trade in the domestic market on Wednesday as investors and speculators booked

fresh positions in the industrial metal amid a pickup in physical demand for nickel from alloy-makers in the spot market.A

pickup in the 19-member Euro Area economy also bolstered the demand outlook for the metal as a combined

gauge measuring manufacturing and services in the Euro area climbed to 53.2 in July from 53.1 in June with a reading

above 50 signaling expansion.

 Bank of Japan Deputy Governor Kikuo Iwata said on Thursday that a comprehensive review of the central bank's monetary

policy due next month would focus on the transmission mechanism and obstacles to its monetary policy.The review

is not meant to transmit a specific direction for future monetary policy, Iwata said, according to the text of a

speech.

 A constitutional amendment proposed by interim President Michel Temer to put a ceiling on Brazil's public spending

will pass the lower house this year but not the Senate until 2017, lower chamber Speaker Rodrigo Maia said on

Wednesday.The proposed cap is the cornerstone of Temer's strategy to plug a bulging deficit inherited from the Workers

Party government of suspended President Dilma Rousseff, yet its impact on fiscal accounts will be delayed until it

wins Senate approval next year.

 The Bank of England is poised to cut interest rates for the first time since 2009 later on Thursday, as Britain's economy

teeters on the brink of recession after June's vote to leave the European Union.Although the BoE wrong-footed financial

experts three weeks ago by leaving rates unchanged, the central bank said most of its policymakers were likely to

support action in August as post-referendum uncertainty depressed the economy.

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Asian markets edge up, but Nikkei reverses early gains Concerns over monetary easing weigh on Japan

Shares in Asia were broadly higher Thursday on an overnight rebound in oil prices, though Japan’s Nikkei reversed early gains amid uncertainties over monetary easing.

Oil price weakness had weighed on the region’s stocks in recent days, but prices moved back above the $40 a barrel mark late Wednesday following a larger-than-expected decline in gasoline inventories.

Among major commodity-reliant markets, Australia’s S&P/ASX 200   was up 0.3% at 5483.50, while the FTSE Bursa Malaysia Index   gained 0.3% and Singapore’s Straits Times Index   was up 0.1%. Brent crude prices were last up 0.7% in Asian trade at $43.39 a barrel.

Companies linked to the oil and gas sector were the key outperformers early Thursday, and in Singapore, shares of major oil rig builders Keppel Corp.   and Sembcorp  gained 0.6% and 0.8%, respectively.

Still, overall gains for the rest of the region were capped, with the Korean Kospi   up 0.2%, and Hong Kong’s Hang Seng Index   rising 0.4%. Meanwhile in China, the Shanghai Composite Index   was down 0.4%.

“Concerns around Japanese stimulus are still disappointing the market,” said Alex Wijaya, a senior sales trader at CMC Markets.

An apparent lack of commitment to more easing by Bank of Japan Deputy Governor Kikuo Iwata on Thursday offset oil-related support for local stocks, sending the Nikkei Stock Average   down 0.6% and reversing from slight gains at the session’s open.

“I believe the BOJ will continue its accommodative monetary policy and its role as a buyer in the bond market,” said Yoshihiro Okumura, general manager of research at Chibagin Asset Management.

“But there is wide ranging speculation about what might be tweaked now. It’s going to be volatile for the markets,” he said.

Shares of many Japanese firms reacted to their earnings results, with carmaker Suzuki Motor Corp  rising 4.4% to ¥3202, after the company posted solid profit growth in the April-June quarter, helped by sales expansion in India and Europe. Meanwhile, optics product maker Olympus Corp.   tumbled 5.9% to ¥3,200 after the company cuts its sales and profit forecasts for the year ending in March 2017, citing the yen’s rapid rise.

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China promises more monetary easing to spur growth

China’s top economic planner pledged to reduce companies’ financing costs by cutting interest rates as downward pressure on economic growth increases.

Decision makers will lower benchmark interest rates and banks’ reserve requirement ratio at appropriate times, the research department of the National Development and Reform Commission said in a statement on its website Wednesday.

The government will work at easing financing difficulties faced by private firms by setting up government-led guarantee firms, the NDRC said.

The planning agency also said the government will offer more incentives for home buyers, such as subsidies, in some cities to help sell new homes.

An official gauge of the country’s factory activity showed a contraction for the first time in five months. China’s official manufacturing purchasing managers index edged down to 49.9 in July from June’s 50, a mark that separates expansion from contraction, official data showed Monday.

The central bank last lowered banks’ reserve requirement ratio, or the portion of deposits it asks banks to set aside as reserves, in March and cut benchmark interest rates October last year.
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Yoma’s 1Q17 earnings drop 28.6% to $1.8 million on softer property-related sales

Myanmar-focused business conglomerate, Yoma Strategic Holdings, reported a decrease in earnings to $1.8 million for the three months ended 30 June 2016 in 1Q17.

Revenue fell 22.4% to $17.6 million in 1Q17 from $22.7 million in 1Q16. The bulk of Yoma’s revenue was driven by the group’s consumer and automotive & equipment businesses, as well as from investment properties, which offset the lower revenue from its sales of residences and land development rights.

Revenue from the group’s non-real estate businesses recorded a 37.2% growth to $9.6 million. The group’s Case New Holland business contributed $5.6 million or 58.6% of its non-real estate revenue. The group’s fleet leasing business expanded to 359 vehicles under lease with growing demand from organisations expanding their operations in Myanmar. The group’s KFC business also continued its growth momentum with two new stores openings in April and June which brought the total store count to six as at end of June 2016.

Other income increased to $11.8 million in 1Q17 from $1.6 million in 1Q16, mainly driven by the fair value gain of $10.3 million from the group’s telecommunications towers investment.

Administrative expenses increased to $12.6 million in 1Q2017 as compared to $8.4 million in 1Q2016. The increase was mainly due to higher staff cost.

“The real estate market remained sluggish but is seeing signs of recovery, and we have received encouraging feedbacks from our recent launch of the townhouses in Pun Hlaing Estate,” says Melvyn Pun, CEO of Yoma.

“The real estate market remains a bit uncertain as the new government introduced its policies for the sector, although there are signs of a recovery from last year’s slow down. I am confident that the long term outlook for the country and its economy, and in turn, Yoma Strategic, remains bright.”

Yoma last traded at 60 cents on Monday.

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AA REIT posts 1Q DPU of 2.75 cents

The manager of AIMS AMP Capital Industrial REIT (AA REIT) has announced a DPU of 2.75 cents for the 1Q ended June, unchanged from the same period a year ago.

Gross revenue came in at $29.2 million in the first quarter, thanks to a property tax refund of $1.1 million. Net property income improved by 1.0% to $20.4 million compared to a year ago while distribution to unitholders was $17.5 million.

CEO Koh Wee Lih of AIMS AMP Capital Industrial REIT Management Limited, AA REIT’s manager, says: “We increased net property income with proactive asset and lease management focused on managing cost while maintaining prudent gearing of 33.1%, and continued on our strategy to unlock organic growth from our portfolio. Our redevelopments at 30 & 32 Tuas West Road and 8 & 10 Tuas Avenue 20 are tracking on time and budget and will further grow our portfolio value upon completion.”

As at end June, approximately 67% of AA REIT’s redevelopment at 30 & 32 Tuas West Road has been completed. Upon completion, the property will boost annual rental income four-fold to $4.15 million which is already 100% pre-committed. Meanwhile, demolition work at 8 & 10 Tuas Avenue 20 will be completed by end of this month, with the target completion in 2H of 2017.

In its outlook, AA REIT, which has a diversified portfolio of income-producing industrial real estate located throughout the Asia Pacific, will continue its proactive approach in managing its assets and leases to help navigate the short-term volatility and these challenging market conditions

Units of AA REIT closed 0.3% higher at $1.465.

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