Right timing: Major blue chips break support as STI drifts lower

Right timing: Major blue chips break support as STI drifts lower

By: 
Goola Warden
22/12/18, 04:46 am

SINGAPORE (Dec 22): The Straits Times Index ended the week below its 50-day moving average, currently at 3,068. Quarterly momentum has retreated and appears poised to fall below its own moving average.

The 21-day RSI continues to retreat. ADX which had been falling, has flattened. DIs are negatively placed. When ADX turns up, the STI could fall towards its Oct 26 intra-day low of 2,955.

Annual momentum continues to decline and this is likely to restrain rebounds and keep the index below its 200-day moving average.

Venture Corp breaks below sideways range

Venture Corp made a another new one year low of $14.48 on Dec 21, breaking below a several times tested support at $14.50 to $14.61. The breakdown, coupled with a simultaneous breakdown by quarterly momentum below its support and moving average suggest lower levels are likely. The next important support appears at $12.40.

Keppel Corp makes new one-year low

Keppel Corp fell below the several times tested $6.08 level on Dec 19. Volume expanded on the breakdown, an indication of selling pressure. At the same time, quarterly momentum broke below its support and moving average. ADX has turned up and DIs have turned sharply negative, an indication that prices could fall. In this event, support is at the major support area established in 2016 at the $5.08 to $5.20 level.

Metro bets on decentralised office market with $45.6 mil investment in Tampines property

SINGAPORE (April 18): Metro Group has acquired 7 & 9 Tampines Grande, a premium Grade A office property in Singapore, through a 50:50 joint venture (JV) between its subsidiary Metrobilt Construction and an affiliate of SRIF GP. On its part, Metro will be investing about $45.6 million for its 50% capital commitment share. Through the newly-incorporated JV company, Ascend TGrande, both Metro and SRIF have agreed to purchase T-Grande Investment Holding from Golden Crest Holdings, a wholly-owned subsidiary of City Developments. T-Grande Investment Holding is the owner of T-Grande Prop....
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Keppel Corp posts 40% drop in 1Q earnings to $203 mil on lower one-off gains

SINGAPORE (Apr 18): Keppel Corporation saw its earnings fall 39.9% to $202.9 million for the 1Q19 ended March, from $337.5 million a year ago. The decline was mainly attributable to the absence of a $289 million gain in 1Q18 arising from the en bloc sale of Keppel Cove in Zhongshan, China. In 1Q19, the group recorded gains of $174 million from the divestment of a 70% interest in Dong Nai Waterfront City, Vietnam and the re-measurement of previously held interests in M1 at acquisition date Consequently, other operating income was halved to $145.6 million in 1Q19, from $300.0 million a ....
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UOI 1Q earnings more than double to $11.4 mil

SINGAPORE (Apr 18): United Overseas Insurance (UOI), the insurance arm of United Overseas Bank (UOB), reported 1Q19 earnings increased 153% to $11.4 million, compared to $4.5 million in 1Q18. Gross premium written saw a 2.5% increase to $27.9 million from $27.2 million a year ago, mainly due to an increase in fire and reinsurance classes of insurance. Underwriting profit was 16.1% higher at $5.9 million compared to $5.0 million last year, mainly due to a 29% y-o-y increase in net commission, as a result of higher reinsurance commission recoveries from reinsurers. During the quarter, t....
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