Preference: long positions above 3225.00 with targets at 3345.00 & 3430.00 in extension.
Alternative scenario: below 3225.00 look for further downside with 3175.00 & 3110.00 as targets.
Comment: even though a continuation of the consolidation cannot be ruled out, its extent should be limited.
News for today 7/8/2018:
- What You Need to Know Today https://www.bloomberg.com/news/articles/2018-08-06/five-things-you-need-to-know-to-start-your-day-jkisgxg8
- Tech shares lead US stocks higher https://www.businesstimes.com.sg/stocks/tech-shares-lead-us-stocks-higher?xtor=CS3-25
- STI up amid mixed trade in Asian market https://www.businesstimes.com.sg/companies-markets/sti-up-amid-mixed-trade-in-asian-market?xtor=CS3-25
- Singapore economy and exports expected to grow with CPTPP trade deal: Chan https://www.businesstimes.com.sg/government-economy/singapore-economy-and-exports-expected-to-grow-with-cptpp-trade-deal-chan?xtor=CS3-25
- Singapore to release final Q2 GDP data on Aug 13 https://www.straitstimes.com/business/economy/singapore-to-release-final-q2-gdp-data-on-aug-13?xtor=CS3-18
- Industrial site at Corporation Drive triggered for tender: JTC https://www.straitstimes.com/business/property/industrial-site-at-corporation-drive-triggered-for-tender-jtc?xtor=CS3-18
- Freehold St Thomas Ville eyes $58m in bid for sale en bloc https://www.straitstimes.com/business/property/freehold-st-thomas-ville-eyes-58m-in-collective-sale-bid?xtor=CS3-18
- Two warehouse buildings at Gul Crescent put on market for over $13m https://www.straitstimes.com/business/property/two-warehouse-buildings-at-gul-crescent-put-on-market-for-over-s13m?xtor=CS3-18
- SGX amends listing rules after MAS accepts proposals to enhance corporate governance https://www.straitstimes.com/business/companies-markets/sgx-amends-listing-rules-after-mas-accepts-proposals-to-enhance-corporate?xtor=CS3-18
- Singapore banks brace for chill from mortgage slowdown https://www.businesstimes.com.sg/companies-markets/singapore-banks-brace-for-chill-from-mortgage-slowdown?xtor=CS3-25
- Nine-year cap on independent directors to kick in from 2022 https://www.businesstimes.com.sg/government-economy/nine-year-cap-on-independent-directors-to-kick-in-from-2022?xtor=CS3-25
Stocks to watch today 7/8/2018:
- Singtel, CapitaLand Mall Trust top corporate governance rankings again https://www.straitstimes.com/business/companies-markets/corporate-governance-rules-need-deliberate-calibration-not-kneejerk?xtor=CS3-18 ; https://bschool.nus.edu.sg/cgio/our-research/sgti
- Asian Pay Television Trust sees flat Q2 DPU of 1.625 cents, warns of lower 2019 DPU https://www.straitstimes.com/business/companies-markets/asian-pay-television-trust-sees-flat-q2-dpu-of-1625-cents-warns-of-lower?xtor=CS3-18
- ComfortDelGro launches seat booking app for its private bus charter services https://www.straitstimes.com/business/companies-markets/comfortdelgro-launches-seat-booking-app-for-its-private-bus-charter?xtor=CS3-18
- EMAS Offshore - Moratoria over EMAS Offshore, subsidiaries expire https://www.businesstimes.com.sg/companies-markets/moratoria-over-emas-offshore-subsidiaries-expire
- Keppel unit to acquire 3.35 ha Chengdu plot for $74.56m https://www.straitstimes.com/business/companies-markets/keppel-unit-to-acquire-335-ha-chengdu-plot-for-7456m?xtor=CS3-18
- Keppel DC Reit to build new Australia data centre https://www.businesstimes.com.sg/companies-markets/keppel-dc-reit-to-build-new-australia-data-centre
- MindChamps posts 83% jump in Q2 profit https://www.businesstimes.com.sg/companies-markets/mindchamps-posts-83-jump-in-q2-profit?xtor=CS3-25
- Noble to boost new trading holding company bond issuance from US$280m to US$300m https://www.straitstimes.com/business/companies-markets/noble-to-boost-new-trading-holding-company-bond-issuance-from-us280m-to?xtor=CS3-18
- OCBC considering 'digital bank' in Indonesia https://www.straitstimes.com/business/banking/ocbc-considering-digital-bank-in-indonesia?xtor=CS3-18 ; OCBC to re-price mortgages for gradual margin lift https://www.businesstimes.com.sg/companies-markets/ocbc-to-re-price-mortgages-for-gradual-margin-lift?xtor=CS3-25
- OKP's Q2 net profit falls on lower revenue https://www.businesstimes.com.sg/companies-markets/okps-q2-net-profit-falls-on-lower-revenue?xtor=CS3-25
- PACC Offshore Services narrows losses in Q2 https://www.businesstimes.com.sg/companies-markets/pacc-offshore-services-narrows-losses-in-q2?xtor ; Court rules in favour of PACC Offshore in claims over failed property purchase https://www.straitstimes.com/business/companies-markets/court-rules-in-favour-of-pacc-offshore-in-claims-over-failed-property?xtor=CS3-18
- Raffles Medical Q2 profit edged up 0.8% to $16.9m https://www.straitstimes.com/business/companies-markets/raffles-medical-q2-profit-edged-up-08-to-169m?xtor=CS3-18
- Resources Prima - Suspended coal miner Resources Prima obtains S$2m convertible loan from substantial shareholder https://www.businesstimes.com.sg/companies-markets/suspended-coal-miner-resources-prime-obtains-s2m-convertible-loan-from-substantial
- Sasseur Reit posts DPU of 1.587 cents in maiden results https://www.straitstimes.com/business/companies-markets/sasseur-reit-posts-dpu-of-1587-cents-in-maiden-results?xtor=CS3-18
- SATS - Turkish delight off the table but this shouldn't ruffle Sats' feathers https://www.businesstimes.com.sg/companies-markets/turkish-delight-off-the-table-but-this-shouldnt-ruffle-sats-feathers?xtor=CS3-25
- UOB celebrates opening of fully-owned subsidiary in Vietnam https://www.businesstimes.com.sg/companies-markets/uob-celebrates-opening-of-fully-owned-subsidiary-in-vietnam?xtor=CS3-25
