SGX Singapore Opening Market Update : Epic Research Singapore

SINGAPORE stocks opened on a downbeat note on Friday following Wall Street's tumble overnight.

The benchmark Straits Times Index opened down 8.91 points or 0.3 per cent at 2,931.57.

Three minutes into morning trade, some 49.3 million shares worth S$72.2 million had changed hands, with losers outnumbering gainers 71 to 37.

Among the most active counters were Geo Energy, Ezra Holdings and Sembcorp Marine.

US equity markets have soared the last three weeks as they shook off worries about the British vote to leave the European Union.

But the rally ended on Thursday as US stocks tumbled, pulled down in part by disappointing earnings reports from Dow members Intel and American Express.

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SGX Singapore Closing Market Update : Epic Research Singapore

Singapore shares close mixed - STI down but nearly even gains/losses in broad market

THE Straits Times Index (STI) drifted within a narrow band for most of Thursday's session before finishing with a 5.26-point loss at 2,940.48. Turnover amounted to 966 million units worth S$1.05 billion which was lower than the previous S$1.2 billion, and excluding warrants there were 215 rises versus 209 falls throughout the market.

Market observers said the index, having jumped more than 7 per cent since the UK voted to leave the European Union on June 23, is now at a crossroads of sorts and likely to "consolidate" given that bond yields are at all-time lows versus US stocks at all-time highs.

Wall Street ended Wednesday with the seventh all-time high for the Dow Jones Industrial Average and the sixth for the S&P 500 in eight sessions, performances largely attributed to hopes of better-than-expected earnings but more likely because the US Federal Reserve has signalled it will keep interest rates depressed for longer than previously thought.

There are also worries that the post-Brexit bounce in equities globally has come largely because central banks had promised liquidity support and not because of improved fundamentals.

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Epicentre in placement agreement to raise at least $11.5 mil

Catalist-listed Epicentre Holdings, the retailer of Apple computers and products, on Wednesday entered into agreement with placement agent KGI Fraser Securities to find buyers for up to 45.8 million new shares of the company on a “best efforts basis”.

Given that the issue price will not be less than 25 cents per new share, the total amount raised would be at least $11.45 million. The placement shares, if subscribed in full, represent 49.1% of the current share capital of the company.

Half of the net proceeds will be used to support business development and provide liquidity for business expansion while the other half will be used as general working capital purposes.

In March, EpiCentre became the first in Singapore to raise at least $1 million through the crowdfunding platform MoolahSense. The loss-making company raised debt for inventory purchases and general working capital, at an interest rate of more than 10%. The debt will be repaid through the sale of merchandise, EpiCentre told the investors.

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SMRT, Vard, ST Engineering, Ascott REIT, Keppel T&T, CacheLog Trust

Here are some stocks that could move the market this Thursday morning:

SMRT has received an offer of privatisation from state-owned investment holding company Temasek Holdings. Belford Investments, a wholly-owned subsidiary of Temasek, is offering $1.68 in cash for each share, 9.1% higher than SMRT’s last traded price of $1.54 on July 15. With an outstanding issued share capital of about 1.53 billion shares, the offer price values SMRT at about $2.6 billion. As Temasek already owns some 54% of SMRT, the takeover would cost it nearly $1.2 billion. There will be no special dividend arising from the sale.

Offshore and specialised vessels manufacturer Vard Holdings posted a NOK53 million ($8.5 million) loss in earnings in 2Q16 ended June compared to a gain of NOK58 million in the same period last year. The loss was due to the recognition of NOK38 million in restructuring costs incurred in relation to statutory payments pertaining to temporary lay-offs and termination benefits, mainly at Vard Niterói. Vard Holdings closed 0.6% higher at 16.3 cents on Wednesday.

ST Engineering has secured a total of about $650 million worth of contracts in 2Q16 via its electronics arm, ST Electronics. Lee Fook Sun, president of ST Electronics, says the company’s recent 2Q contract wins add up to a total of $1.16 billion of new orders in the first half of 2016 for the company. Shares of ST Engineering closed 1.19% higher at $3.4.

Ascott Residence Trust (ART) posted a 2% rise in distribution per unit (DPU) of 2.13 cents for the 2Q16 ended June compared to 2.09 cents in the same period of last year. Revenue for 2Q16 increased 21% to $119.4 million mainly due to the additional revenue of S$27.8 million from ART’s acquisitions in 2015 and in 2016, which included the Sheraton Tribeca New York Hotel. Ascott Residence Trust closed 0.9% higher at $1.145.

Keppel Telecommunications and Transportation's (Keppel T&T) saw 2Q ended June earnings rise 18.5% to $18.81 million from a year ago. This came on the back of a 2.1% rise in revenue to $50.18 million. Separately, Keppel Data Centres, a subsidiary of Keppel T&T has secured more than $144 million in contracts at two of its data centres, Keppel DC Singapore 3 and Keppel DC Singapore 4. Keppel T&T closed 1.1% higher at $1.42.

Cache Logistics Trust posted a 7.1% decline in distribution per unit (DPU) of 1.989 cents for the 2Q16 ended June compared to 2.14 cents in the same period of last year. This was due to an enlarged units base and a one-off capital distribution of 0.185 cents per unit from the divestment proceeds of Kim Heng Warehouse in 2Q15. Units of Cache Logistics Trust closed 0.6% lower at 87.5 cents.

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Market highlights

1 American bank Morgan Stanley reported a fall in adjusted second-quarter profit to US$1.43 billion (S$1.94 billion) as cost-cutting failed to offset a decline in sales from trading and investment banking, Reuters said.

2 Huan Hsin Holdings is selling its stake in Ideal Project Consultant, which owns an industrial site in Shanghai, to Link JV. Huan Hsin, which is on the Singapore Exchange watch list, is raising money to pay off debt.

3 Nordic Group, which needs to meet the minimum trading price requirement of 20 cents per share, said the six-month average price has been maintained above this level since July 8.

4 Wilmar International bought back two million of its own shares at between $2.97 and $2.99 each. The total amount paid was $5.96 million .

5 ST Engineering 's electronics arm ST Electronics secured about $650 million worth of contracts in the second quarter.

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SGX Singapore Opening Market Update : Epic Research Singapore

FOLLOWING gains on Wall Street and in Europe, the Straits Times Index picked up 5.77 points or 0.20 per cent to 2,951.51 at the start of trading on Thursday.

At 9.02am, 52.8 million shares worth S$75.2 million had changed hands, with gainers outnumbering losers 72 to 51.

Gainers included Hongkong Land, SMRT Corp, Jardine Cycle & Carriage, UOB and DBS Bank.

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SGX Singapore Closing Market Update : Epic Research Singapore

GAINS in Singtel, Thai Beverage and the banks helped propel the Straits Times Index (STI) up 26.2 points or almost one per cent to 2,945.74 on Wednesday.

Turnover rose from Tuesday's S$935 million to 1.2 billion units worth S$1.2 billion, boosted not just by active trading of Singtel but also heavy selling of Wilmar International, which said it expects a loss of US$230 million for its second quarter ended June 30.

Although the STI turned in a strong showing, the broad market did not, recording an advance-decline score of 238-150 excluding warrants.

Wall Street's sixth consecutive all-time high on Tuesday probably played some part in elevating sentiment here, although the Dow futures on Wednesday traded marginally in the red.

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SGX Singapore Opening Market Update : Epic Research Singapore

THE Straits Times Index opened 13.74 points or 0.47 per cent higher at 2,933.28 on Wednesday, after the Dow Jones Industrial Average set a new record for the sixth consecutive day on Tuesday.

As at 9.02am, some 72 million shares worth S$72.6 million had changed hands, with gainers outnumbering losers 67 to 43.

Actively traded counters (by value) at the start of trading included Wilmar International, Thai Beverage, Singapore Press Holdings and Singtel.

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SGX Singapore Closing Market Update : Epic Research Singapore

AFTER having bounced 193 points or 7.1 per cent in the 15 trading sessions since the June 23 Brexit referendum, the Straits Times Index on Tuesday ended with a 9.22-point loss at 2,919.54, dragged lower in line with losses in Hong Kong and the Dow futures.

In the case of Hong Kong, the weakness was reportedly because of concerns over China's growth.
Turnover was a moderate 1.3 billion units worth S$935 million and excluding warrants, there were 158 rises versus 232 falls throughout the whole market.

Within the index, traders noted strong support for Jardine Cycle & Carriage, which ended S$1.03 higher at S$37 on volume of 412,800 shares.

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SGX Stock Recommendations : Epic Research Singapore

MARKET UPDATES :

• The Straits Times Index (STI) ended 3.41 points or 0.12% higher to 2928.76, taking the year-to-date performance
  to +1.60%.

• The top active stocks today were SingTel, which declined 0.94%, DBS, which gained 0.43%, SPH, which declined 5.41%, UOB, which gained 1.01% and OCBC Bank, with a 0.78% advance.

• The FTSE ST Mid Cap Index gained 0.10%, while the FTSE ST Small Cap Index declined 0.08%.

• The outperforming sectors today were represented by the FTSE ST Technology Index, which rose 1.86%. The two biggest stocks of the Index – Silverlake Axis and CSE Global – ended 2.56% higher and 1.08% lower respectively.

• The under performing sector was the FTSE ST Consumer Services Index, which slipped 1.68%. ComfortDelGro Corp shares declined 3.65%and Singapore Press Holdings declined 5.41%..

• The three most active Exchange Traded Funds (ETFs) by value today were:IS MSCI India 100 (-0.28%), STI ETF (+0.68%), DBXT MSCI Indonesia ETF 10 (+0.43%).

• The three most active Real Estate Investment Trusts (REITs) by value were : CapitaCom Trust (+0.64%), CapitaMall Trust (+0.93%), Ascendas REIT (+1.64%).

• The most active index warrants by value today were : HSI21800MBeCW160830 (-5.00%), HSI23800UBeCW161229 (+6.74%), HSI20400MBePW160830 (-10.77%)

• The most active stock warrants by value today were : OCBC Bk MBeCW161004 (+7.41%), DBS MB eCW161031 (+5.38%), UOB MB ePW161003 (-8.60%).

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Asian Stocks Retreat After Six-Day Rally as SoftBank Tumbles

Asian stocks fell from the highest level in three months as Softbank Group Corp. led a slump for phone companies and investors judged the rally spurred by a global equities recovery was overdone.
The MSCI Asia Pacific Index lost 0.2 percent to 133.62 as of 10:08 a.m. in Hong Kong, set to halt a six-day, 4.4 percent gain that sent valuations to near the highest level in almost a year. Softbank tumbled the most in three years in Tokyo after agreeing to buy U.K. based ARM Holdings Plc for $32 billion. A gauge of mainland Chinese shares traded in Hong Kong snapped the longest winning streak in more than a month and Korean shares declined for the first time in seven days.
“The market is taking a pause,” Tony Farnham, a strategist at Paterson Securities in Sydney, said by phone. “There isn’t much of a catalyst out there. People are starting to question if there’s still value in the market following the post-Brexit rally.”
The recent rally boosted the value of shares on MSCI Asia Pacific Index to 13.3 times its 12-month projected earnings, near the the most expensive level since August. Global equities recovered from a rout that wiped out more than $4 trillion in market value since June’s shock U.K. vote to leave the European Union amid expectations policy makers will boost growth. The S&P 500 Index closed at a record for the fifth time in six days, as investors shrugged off concerns over a thwarted coup attempt in Turkey.
“On current sentiment, it seems likely that any pullbacks will be shallow and a buying opportunity,” said Chris Weston, chief market strategist at IG Ltd. in Melbourne. “We will need to see good earnings, or the market is at risk of rolling over.”
Central banks remain in focus as New Zealand’s plan to curb speculation in the housing market boosted chances for an interest-rate cut, while a professor who has collaborated on research with Governor Haruhiko Kuroda said the Bank of Japan has no need to further increase monetary stimulus. The odds the Federal Reserve will tighten monetary policy this year remains low, with traders predicting 41 percent chance rates will rise in December.
Hong Kong’s Hang Seng Index slipped 0.7 percent, halting a six-day rally that brought the benchmark index to the highest close this year on Monday. The Hang Seng China Enterprises Index of mainland stocks traded in the city declined 1 percent, retreating from a three-month high. The Shanghai Composite Index lost 0.6 percent.

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Asia markets mostly up, shrugging off concerns over failed coup in Turkey

Markets in Asia traded mostly up on Monday, ahead of a relatively data-light week in the region, shrugging off the failed military coup in Turkey.

In Australia, the benchmark ASX 200 closed up 28.93 points, or 0.53 percent, at 5,458.50, with most sectors finishing in the green. The materials sub-index, however, closed down 0.13 percent, with major miners falling behind. Shares of Rio Tinto closed down 0.81 percent, Fortescue fell 2.6 percent and BHP Billiton shed 0.74 percent.

South Korea's Kospi index added 3.85 points, or 0.19 percent, to 2,021.11. In New Zealand, the NZX 50 finished up 33.07 points, or 0.46 percent, at 7,105.95.

Hong Kong's Hang Seng index gained 0.66 percent, or 143.93 points, to 21,803.18. Chinese mainland markets fell behind their regional peers, with the Shanghai composite closing down 10.38 points, or 0.34 percent, at 3,043.90, while the Shenzhen composite ended lower by 10.85 points, or 0.53 percent, at 2,027.87.

Markets in Japan were closed for the Marine Day public holiday.

A failed military coup in Turkey to oust President Recep Tayyip Erdogan, which played out over the weekend, sent the Turkish lira tumbling against the dollar and the euro. The dollar was fetching 2.93 lira, after spiking as high as 3.0476 lira, compared with levels below 2.90 lira before the incident.

"Mr. Market woke from the weekend and decided that Turkey's failed coup was a domestic affair which will blow over quite fast. Turkey's still too dependent on foreign funding for comfort and the lira bounce can't go that much further, but the broader market implications are limited," Kit Juckes, a global fixed income strategist at Societe Generale, said in a note Monday.

The Straits Times index in Singapore appeared to have shrugged off the city-state's latest round of export data, edged up 0.06 percent by 4:35 p.m. HK/SIN.

In Singapore, non-oil domestic exports (NODX) fell 2.3 percent on-year in June, compared with an expected 3 percent drop in a Reuters poll. In May, overseas shipments from Singapore unexpectedly jumped 11.6 percent on-year, fueled by gold and pharmaceuticals sales, reported Reuters.

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RBA Keeps Options Open as Growth, Jobs Market Likely to Ease (2)

Australia’s central bank is keeping its policy options open as it predicted the economy probably cooled last quarter, momentum in the jobs market has eased and inflation is set to remain weak.
Second-quarter data available was “consistent with a moderation of gross domestic product growth following the stronger-than-expected outcome” three months earlier, the Reserve Bank of Australia said in minutes of its July 5 meeting in Sydney Tuesday.
“Inflation was still expected to remain quite low for some time,” the RBA reiterated after leaving interest rates at a record-low 1.75 percent. “Forward-looking indicators of employment had been slightly weaker over recent months following gains over the preceding year, but were still consistent with employment growth in the months ahead.”
The RBA is contending with an economy showing a mixed picture. Growth has been solid and the jobs market held up as a mining boom unwinds. At the same time, wage gains and core inflation are at record lows, which prompted a rate cut in May. The country’s key service industries of tourism and education are highly sensitive to the currency, which has risen 4.5 percent since the start of June, denting their competitiveness.

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SGX Singapore Opening Market Update : Epic Research Singapore

SINGAPORE shares opened slightly lower on Tuesday with the Straits Times Index dipping 1.87 points or 0.06 per cent to 2,926.89.

By 9.04am, some 59.6 million shares worth S$85.1 million had changed hands.

However, gainers outnumbered losers 72 to 51.

Actively traded stocks straight out of the gate included Singtel, Singapore Press Holdings, Hongkong Land, ComfortDelGro and DBS Bank.

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SGX Singapore Closing Market Update : Epic Research Singapore

THE Straits Times Index (‪#‎STI‬) kicked off the week with a 3.41 point rise to 2,928.76 on Monday, probably influenced by rises in Hong Kong and the Dow futures. Turnover was a respectable 1.4 billion units worth S$1.1 billion, though the broad market, excluding warrants, registered 200 rises versus 222 falls - a more mixed performance than the index's reading might have indicated.

The big news of the day was an announcement by the Singapore Exchange (SGX) that it is to set up a subsidiary to house and perform its frontline regulatory functions. Called RegCo, it will have a separate board of directors who will be independent of any listed company. In response to the news, SGX's shares rose S$0.06 to S$7.80 on volume of 1.4 million.

In the second line, shares of precision machine parts maker Innovalues crashed S$0.145 or 14 per cent to S$0.885 on volume of 15.8 million, drawing a query from ‪#‎SGX‬. The company had not replied by the time that trading ended.

Also queried was beauty products seller Best World International, whose shares collapsed S$0.155 or 10.6 per cent to S$1.31 on volume of 4.6 million. The company made the news last month after its shares quadrupled this year. It had been queried by SGX three times over three months, with a fourth query in June directed at certain items in its latest results.

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SGX to establish separate company to undertake regulatory functions

THE Singapore Exchange will establish a separate subsidiary company to undertake all the front-line regulatory functions it currently performs, it said on Monday.

“The move aims to further enhance the governance fo SGX as a self-regulatory organisation by making more explicit the segregation of its regulatory functions from its commercial and operating activities,” said SGX.

The Singapore Exchange halted the trading of its shares on Monday just before the market opened.

The bourse said the halt was requested to clarify a news report by The Straits Times, which reported rumours that SGX may be planning to set up a separate unit to house its regulatory functions.

In the past, the SGX has faced criticism for the perceived conflict of interest of being a profit-making entity which has to answer to shareholders as well as a market regulator.

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First REIT: the RSI is overbought

The RSI is trading above 70. This could mean that either the stock is in a lasting uptrend or just overbought and that therefore a correction could shape (look for bearish divergence in this case). The MACD is positive and above its signal line. The configuration is positive. Moreover, the stock is trading above both its 20 and 50 day MA (respectively at 1.26 and 1.25). Finally, First REIT has crossed above its upper daily Bollinger band (1.31).

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Five Highest-Yielding IT Stocks Average Dividend Yield of 9.2%

Singapore Exchange lists 79 companies classified by the Global Industry Classification System (GICS®) as Information Technology (IT) stocks, and they have a combined market capitalisation of
S$9.1 billion.

These 79 stocks maintain an average dividend yield of 4.5%, higher than the benchmark Straits Times Index’s (STI) average yield of 3.9%. They also average a price-earnings ratio (P/E) of 24.0x and a price-to-book (P/B) ratio of 1.9x.

Singapore’s five highest-yielding IT stocks – CDW Holding, Karin Technology Holdings, Global Testing Corp, UMS Holdings and Smartflex Holdings – have a combined market capitalisation of S$448 million, and average a dividend yield of 9.2%. These five stocks have generated a total return of 2.7% in the year thus far, bringing their one-year and three-year total returns to 4.2% and 57.2% respectively.

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Lira Rebounds With Rand as Turkey Concerns Recede; Gold Declines Bloomberg

Financial markets showed signs of resilience following a failed coup attempt in Turkey, with the Turkish lira leading a recovery in emerging-market currencies and shares in Asia excluding Japan holding near their highest level since October. Haven assets including the yen and gold fell.

The lira recovered about a third of its loss from Friday, when news that army officers had tried to seize power triggered the currency’s steepest slide since 2008. South Africa’s rand advanced with the Mexican peso, while the yen extended its biggest weekly decline since 2009. Futures on the S&P 500 Index gained, while the MSCI Asia Pacific excluding Japan Index was little changed following its largest weekly jump in four months. Gold sank to this month’s low. Financial markets are shut Monday in Japan and Thailand for holidays.

The failed putsch in Turkey came less than a week after global equities had recovered from the selloff that followed the U.K.’s June 23 vote to leave the European Union, an event that wiped out almost $4 trillion of market value over two trading days. Turkish officials over the weekend sought to limit the impact on financial markets by promising unlimited liquidity to lenders and measures to support the lira.

“Geopolitical risk has reared its head again,” said Shane Oliver, Sydney-based head of investment strategy at AMP Capital Investors Ltd., which manages more than $110 billion. “But it’s at least the fourth coup in Turkey since 1960 and I suspect no lasting impact on global markets.”
Hermes Asset Management is among investors seeing potential for a relief rally in Turkish assets even amid longer-term concern about the country’s political and economic situation. Rabobank and CrossBorder are predicting outflows from Turkey. Turkey’s deputy prime minister posted on Twitter that there’s “no need to worry.”

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SGX Singapore Opening Market Update : Epic Research Singapore

THE benchmark Straits Times Index rose 0.22 per cent or 6.32 points to 2,931.67 in early trading on Monday, continuing from Friday's positive run.

At 9.02am, some 192.1 million shares worth S$171.5 million had changed hands, with gainers outnumbering losers at 67 to 42.

Gainers included Jardine Cycle & Carriage, the three local banks - DBS, OCBC and UOB - and SBS Transit.

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