To The Moon

Singapore and US Market Analysis  Singapore stocks fell on Friday (Nov 18), tracking Wall Street declines as Federal Reserve officials remained hawkish on future interest rate hikes. The benchmark Straits Times Index (STI) fell 0.4 per cent or 13.81 points to 3,272.23. In the broader market, losers beat gainers 281 to 260 after 1.2 billion securities worth S$1.2 billion changed hands. Regional markets were mixed on Friday. Japan's Nikkei 225 fell 0.1 per cent, Hong Kong's Hang Seng Index declined 0.3 per cent and South Korea's Kospi rose 0.1 per cent. Wall Street stocks picked up Friday after a rocky session following positive results from retailers and as markets tried to shake off concerns of further interest rate hikes by the US central bank. The Dow Jones Industrial Average rose 0

Selective US Stocks Analysis  The US dollar rose on Thursday (Nov 17) as investors digested mixed US economic data, while the British pound fell as the UK government unveiled its latest budget update. The greenback has tumbled in recent weeks as inflation data and comments from Federal Reserve (Fed) officials have suggested that the central bank can soon slow the pace of its punishing interest rate hikes. Yet the US dollar climbed on Thursday after US retail sales data for October, released on Wednesday, came in stronger than expected. The euro was down 0.63 per cent against the US dollar at US$1.033 at 1340 GMT, after hitting its highest level since July at US$1.048 on Tuesday. The US dollar index, which measures the currency against six major peers, rose 0.66 per cent to 106.98. The

Selective Singapore Stocks Analysis    Sembcorp Industries is buying a stake in a renewable energy company in China. This will enable the Singapore-listed energy and urban solutions provider to enter into a partnership with the world’s largest renewables player. Sembcorp announced on Thursday (Nov 17) that wholly-owned subsidiary Sembcorp Energy (Shanghai) is acquiring a 45.3 per cent interest in Hunan Xingling New Energy for 1.1 billion yuan (S$204 million) from Wuling Power. Wuling Power is an affiliated company of Chinese state-owned enterprise State Power Investment Corporation (SPIC). The transaction will result in Xingling New Energy becoming a joint venture between Sembcorp and Wuling Power, with the SPIC affiliate holding the remaining 54.7 per cent stake in Xingling New

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Singapore and US Market Analysis  Singapore stocks rose despite other regional markets falling into the red on Thursday (Nov 17), with the Straits Times Index (STI) climbing 0.6 per cent or 19.87 points to 3,286.04. Across the broader market, gainers beat losers 274 to 273 after 1.4 billion securities worth S$1.3 billion changed hands. On the STI, Sembcorp Industries was the best performer. The counter gained 5.2 per cent or S$0.15 to close at S$3.05. Meanwhile, Jardine Matheson Holdings was at the bottom of the table, shedding 2.6 per cent, or US$1.27 to close at US$47.18. The trio of banks were also in the black. DBS gained 1.5 per cent or S$0.54 to close at S$35.61, while UOB gained 1.1 per cent or S$0.32 to close at S$30.16 and OCBC gained 0.4 per cent or S$0.05 to close at S$12.4

Singapore and US Market Summary  Singapore shares struggled for direction on Wednesday (Nov 16), with the Straits Times Index (STI) closing 0.3 per cent or 9.11 points lower at 3,266.17 amid mixed regional performance. In the broader market, gainers beat losers 292 to 271, after 1.7 billion securities worth S$1.5 billion were traded. On the STI, ST Engineering was the index’s strongest performer, gaining 2.3 per cent or S$0.08 to close at S$3.50. This comes after the company announced on Tuesday evening that its subsidiary, TransCore, has secured a contract worth S$1.47 billion to modernise the tolling infrastructure in New Jersey. Yangzijiang Shipbuilding was at the bottom of the table, declining 3 per cent or S$0.04 to S$1.31. The trio of local banks ended in the red. DBS shed 0.3 p

Selective US Stocks Analysis  OPEC on Monday (Nov 14) cut its forecast for 2022 global oil demand growth for a fifth time since April and also trimmed next year’s figure, citing mounting economic challenges including high inflation and rising interest rates. Oil demand in 2022 will increase by 2.55 million barrels per day (bpd), or 2.6 per cent, the Organization of the Petroleum Exporting Countries (Opec) said in a monthly report, down 100,000 bpd from the previous forecast. This report is the last before Opec and its allies, together known as Opec+, meet on Dec 4 to set policy. The group, which recently cut production targets, will remain cautious, Saudi Arabia’s energy minister was quoted as saying last week. Next year, Opec expects oil demand to rise by 2.24 million bpd, also 100,0

Selective Singapore Stocks Analysis    China-focused real estate investment trust Dasin Retail Trust on Monday (Nov 14) reported a 7.8 per cent drop in revenue to S$70.7 million for the nine months ended September (9M2022), from S$76.7 million the year before. Net property income for 9M2022 slipped 8.3 per cent to S$55.2 million, from S$60.3 million in the corresponding period last year. The trustee-manager said the declines were due to the temporary closure of some malls and trade sectors by the government due to Covid-19-related restrictions. Rental rebates to tenants in 9M2022 were about three times higher than the previous year, the trustee-manager said. It added that strict travel restrictions and social distancing measures also caused “stifling spending in China’s consumer

Market Summary  The Straits Times Index (STI) climbed 1 per cent or 32.47 points to close at 3,260.80 on Monday, while regional markets were mixed. In the broader Singapore market, gainers beat losers 358 to 251, with 2.05 billion securities worth $1.79 billion traded. The best performer on the STI was Mapletree Pan Asia Commercial Trust, which climbed 3.6 per cent or six cents to close at $1.71. Meanwhile, DFI Retail Group came in at the bottom of the table, falling 1.6 per cent or four US cents to US$2.45. The trio of banks were in the black on Monday. DBS gained 0.2 per cent or S$0.07 to close at S$34.86, while OCBC gained 0.4 per cent or S$0.05 to close at S$12.32, and UOB gained 1.5 per cent or S$0.45 to close at S$29.95. Wall Street stocks ended lower on Monday, stumbling after

Selective US Stocks Analysis  US consumer prices increased less than expected in October and underlying inflation appeared to have peaked, which would allow the Federal Reserve to dial back its hefty interest rate hikes. The consumer price index rose 0.4 per cent last month after climbing by the same margin in September, the Labour Department said on Thursday. Economists had forecast the CPI would advance 0.6 per cent. In the 12 months through October, the CPI increased 7.7 per cent after rising 8.2 per cent on the same basis in September. It was the first time since February that the annual increase in the CPI was below 8 per cent. The annual CPI peaked at 9.1 per cent in June, which was the biggest advance since November 1981. Annual inflation is slowing as last year’s big incr