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Author: traderhub8   |   Latest post: Fri, 3 Apr 2020, 9:46 AM

 

Phillip Capital Morning Note - 21 Feb 2020

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Wall Street indices finished in the red on Thursday retreating from solid gains as investors were once again spooked by the viral outbreak in China. More than 2,118 people in the world's second-largest economy have died from the coronavirus, which has infected 74,000 people in China alone and appeared to be spreading faster abroad, with hundreds sickened in over 25 other countries.

Nations have cut flights and closed borders with China in response, and concerns reemerged over the likely damage to company profits. That caused investors to become skittish once again, sending the Dow down 0.4 per cent to close at 29,219.98. The S&P 500 also descended about 0.4 per cent to end at 3,373.23 while the Nasdaq fell 0.7 per cent to 9,750.96 - both closed at records on Wednesday as fears over the virus' impact waned.

UOB to launch digital bank TMRW next in Indonesia this year. This follows from TMRW's first launch in Thailand in March 2019, and is part of the regional bank's march to capture a S$10 billion market opportunity in Asean.

Roxy-Pacific Holdings on Thursday posted a fourth-quarter net profit of S$20.2 million, up 332 per cent from S$4.7 million in the same period a year earlier. Revenue in the three months ended Dec 31, 2019 was S$261 million, up 747 per cent from S$30.8 million.

OUE made a net profit of S$255.2 million in 2019, up from the S$10 million it made in 2018, it said on Thursday. Revenue in the 12 months ended Dec 31, 2019 rose 44.8 per cent to S$930 million, led by a S$283.7 million jump in income from development properties to S$350 million.

Supermarket operator Sheng Siong on Thursday posted a fourth-quarter net profit of S$17.4 million, down 0.4 per cent from S$17.5 million in the same period a year earlier. Revenue in the three months ended Dec 31, 2019 rose 11.8 per cent to S$247.9 million. Gross profit also rose 11.8 per cent to S$67.4 million.

Sunpower Group plans to invest in a biomass co-generation project in Tongshan District, Xuzhou City of Jiangsu province, it said on Thursday. Upon completion, the biomass co-generation plant will supply civil heating to homes in Tongshan District as well as supply electricity to the state grid.

The South Korean won and the Singapore dollar, two of Asia's most trade-sensitive currencies, are getting dumped as the coronavirus spread worsens in Asia. Both dropped as much as 1 per cent against the US dollar, with Singapore's currency falling to its lowest in almost three years. The won declined after the nation said virus cases more than doubled in one day.

Source: SGX Masnet, The Business Times, Bloomberg, Channel NewsAsia, Reuters, PSR

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UOB 18.80 -0.57 (2.94%) 2,832 
Roxy-Pacific 0.325 -0.015 (4.41%) 283 
OUE 0.995 -0.015 (1.49%) 521 
Sheng Siong 1.22 0.00 (0.00%) 10,379 
Sunpower 0.34 -0.015 (4.23%) 307 

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