Source: Lianhe Zaobao

December 22, 2022

The U.S. stock market ended a four-day losing streak overnight, but the sudden adjustment of the Bank of Japan's loose monetary policy caused market fluctuations, with Asian stock markets closing mixed on Wednesday, December 21st. The Straits Times Index in Singapore rose 2.22 points or 0.07%, closing at 3,256.19 points.

In an interview with Lianhe Zaobao, market strategist Huang Jia Ren said that the peak of the earnings season has passed, and with the Federal Reserve's interest rate meeting and several key economic data such as the Producer Price Index (PPI) already released, the Straits Times Index's slight rise is mainly driven by the overnight gains in U.S. stocks in the absence of fundamentals.

Huang Jia Ren believes that the support point for the Straits Times Index is at 3,200 points and the resistance point is at 3,300 points.

In an interview, Philips Securities' Chief Stock Broker Tan Ying Ying said: "Due to the approaching holiday, the trading volume of the Straits Times Index has been low in recent days, but we believe that as the economy gradually reopens, the performance of the Straits Times Index will continue to be stable. However, due to the unexpected adjustment of the monetary policy by the Bank of Japan, which has brought some pressure on the exchange rate of the US dollar against the Japanese yen, this may to some extent add a layer of uncertainty to the US economy's potential recession next year."

Stock markets in other regions of Asia were mixed, with the largest decline in the Tokyo stock market, down 0.68%; Shenzhen and Seoul fell 0.34% and 0.19%, respectively, and Shanghai's stock market fell slightly by 0.17%. Sydney led the way, up 1.29%; Taiwan and Hong Kong stock markets closed up 0.45% and 0.34%, respectively.

The local stock market had a total turnover of 951.68 million shares, with a total trading value of 740.78 million yuan. There were 247 stocks that rose and 219 stocks that fell.

Fifteen components of the Straits Times Index rose, eight fell, and seven remained unchanged.

The biggest gainers were DFI Retail Group and Mapletree Commercial Trust, with DFI rising 3.53% to close at 2.93 US dollars, and Mapletree rising 1.85% to close at 1.65 yuan.

The biggest losers were Thai Beverage and Sembcorp Industries, with Thai Beverage falling 1.46% to close at 0.675 yuan and Sembcorp Industries falling 0.88% to close at 3.38 yuan.

In terms of individual stock news, Keppel Land announced that it has entered into an agreement through its wholly-owned subsidiary with China Overseas Development to acquire a new, completed elderly care facility located in Qixia District, Nanjing with a total gross floor area of 10,846 square meters. The project is expected to open in the second half of 2023, and will be a high-end nursing home with approximately 400 beds.

Hyphens Pharma International, a local specialty pharma and consumer healthcare company, announced that its subsidiary has entered into an exclusive license and supply agreement with Cassiopea S.p.A., a subsidiary of Cosmo Pharmaceuticals N.V. , to develop and commercialize Winlevi cream in 10 Southeast Asian countries, as well as exclusive rights to any future product extensions or improvements for the treatment of acne. The company's stock closed at 0.31 yuan with no change.

Ho Bee Land issued a profit warning, expecting a significant decline in the group's half-year and full-year net profit compared to the same period last year as of December 31st. The company's stock closed at 2.37 yuan with no change.

Disclaimer:

This article is intended for general circulation and educational purpose only and does not take into account of the specific investment objectives, financial situation or particular needs of any particular person. You should seek advice from a financial adviser regarding the suitability of the investment products mentioned. In the event you choose not to seek advice from a financial adviser, you should consider whether the investment product in question is suitable for you.

Past performance figures as well as any projection or forecast used in this article, are not necessarily indicative of future performance of any investment products. Your investment is subject to investment risk, including loss of income and capital invested. The value of the investment products and the income from them may fall or rise. No warranty whatsoever is given and no liability whatsoever is accepted for any loss arising whether directly or indirectly as a result of this article. Overseas investments carry additional financial, regulatory and legal risks, you should do the necessary checks and research on the investment beforehand.

The information contained in this article has been obtained from public sources which the uSMART Securities (Singapore) Pte Ltd (“uSMART”) has no reason to believe are unreliable and any research, analysis, forecast, projections, expectations and opinion (collectively “Analysis”) contained in this article are based on such information and are expressions of belief only. uSMART has not verified this information and no representation or warranty, express or implied, is made that such information or Analysis is accurate, complete or verified or should be relied upon as such. Any such information or Analysis contained in this presentation is subject to change, and uSMART, its directors, officers or employees shall not have any responsibility for omission from this article and to maintain the information or Analysis made available or to supply any corrections, updates or releases in connection therewith. uSMART, its directors, officers or employees be liable for any or damages which you may suffer or incur as a result of relying upon anything stated or omitted from this article.

Views, opinions, and/or any strategies described in this article may not be suitable for all investors. Assessments, projections, estimates, opinions, views and strategies are subject to change without notice. This article may contain optimistic statements regarding future events or performance of the market and investment products. You should make your own independent assessment of the relevance, accuracy, and adequacy of the information contained in this article. Any reference to or discussion of investment products in this article is purely for illustrative purposes only, is not intended to constitute legal, tax, or investment advice of any investment products, and must not be construed as a recommendation, an offer or solicitation for the subscription, purchase or sale of the investment products mentioned. This article does not create any legally binding obligations on uSMART. uSMART, its directors, connected persons, officers or employees may from time to time have an interest in the investment products mentioned in this article.