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Author: traderhub8   |   Latest post: Fri, 24 May 2019, 4:23 PM


Phillip Capital Morning Note

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Dow dives 2.2%, moves into the red for 2018. Wall Street stocks suffered a second consecutive battering on Tuesday, with weakness in the technology sector spreading to other areas, especially energy and retail. The Dow Jones Industrial Average plunged 2.2 per cent, or more than 550 points, to finish at 24,465.64, wiping out its gains for the year and then some.

The broad-based S&P 500 shed 1.8 per cent to 2,641.89, while the tech rich Nasdaq Composite Index fell 1.7 per cent to 6,908.82. After Tuesday, the Nasdaq was the only one of the three indices still clinging to a modest gain for the year, but stood at its lowest levels in more than seven months.

Offtakers seek to end water purchase contract for Hyflux JV plant in Algeria. The offtakers of its Souk Tleta desalination plant in Algeria are trying to terminate their water purchase agreement. The Souk Tleta plant supplies water to Algérienne des Eaux, the state-owned national water company of Algeria, and Sonatrach, the national oil company. The offtakers have sent a "purported notice of termination" to Almiyah Attilemcania, the project developer, and its 51 per cent shareholder Tlemcen Desalination Investment Company (TDIC). Hyflux owns 30 per cent of TDIC.

Waste treatment firm China Jinjiang Environment wins project worth some 330m yuan. It has secured a concession from a local government to construct, own and operate a waste-to-energy facility located in Leting County, Hebei Province, with the project bearing an estimated total investment cost of about 330 million yuan (S$65.5 million).

Oxley Holdings deputy CEO raises his stake to 29.78% as share price keeps falling. Low See Ching paid S$0.295 a share in a market transaction for 300,000 shares, bringing his interest in the company to 29.78 per cent from 27.77 per cent previously.

Source: CNBC, Bloomberg, Reuters, Business Times, Phillip Securities Research

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