𝐌𝐚𝐫𝐤𝐞𝐭 𝐖𝐫𝐚𝐩 (𝐖𝐞𝐞𝐤 𝐞𝐧𝐝𝐞𝐝 𝟏𝟏/𝟗/𝟐𝟔)
The $STI(STI.SI) finally took a breather this week. Coming off last week’s ATH of 5,828, the index slipped to 5,682 as of Friday noon. I think two factors are at play.
First, the STI has had a very strong run, up around 25% from the end of last year. After climbing that far, some profit-taking and consolidation is quite normal. No alarm bells yet, although I would watch whether the pullback starts breaking key support levels.
Second, the external environment has become less friendly. The US-Iran conflict has pushed Brent crude back above US$100, bringing inflation concerns back into focus. US Treasury yields have also moved higher, reviving worries over a higher-for-longer rate environment.
But while the index cooled, there was no shortage of action beneath the surface. 😃
$Frencken(E28.SI) remains on my watchlist. After recovering strongly from the recent share placement, it climbed from $2.31 to as high as $2.57 before settling at $2.44 on Friday. Technically, price bounced off strongly from a confluence of a support line and the 200MA, and has since cut above the 10MA, with 50MA in sight. I am watching $2.80 as the next resistance.
$IX Biopharma(42C.SI) cleared an important US regulatory hurdle for Wafermine, with an emergency-use pathway opened for military acute pain and FDA EUA approval now the final step. The stock broke above the key $0.585 resistance and hit a new ATH of $0.625. When regulatory progress meets a technical breakout, the market tends to pay attention.
$MarcoPolo Marine(5LY.SI) signed a definitive agreement for the S$139m RTO of Fuji Offset Plates, paving the way for its shipyard business to be separately listed while retaining around 74.1% control. The stock rose from $0.129 to $0.144, with its 10MA crossing above the 50MA. The corporate story is getting interesting, and the chart seems to be taking notice too.
$Thakral(AWI.SI) proposed spinning off and separately listing parts of its Lifestyle Business on the SGX Mainboard, while retaining a majority stake. The stock responded positively, moving from $1.61 to as high as $1.74 before settling at $1.70.
$CSE Global(544.SI) also had a catalyst after Citi initiated coverage with a Buy/High Risk rating and S$1.70 target, highlighting its exposure to data-centre electrification and its Amazon contract of up to US$1.5B. The stock gapped up to $1.29 before settling at $1.27 as of Friday noon.
Finally, $Oiltek(HQU.SI) is an interesting recovery setup on my radar. $1.34 has held several times, while its rising 200MA provides another layer of support. Fundamentally, its RM258.7m order book remains healthy, with SAF increasingly part of the longer-term story. For now, $1.50 is the level to watch. Clear that convincing with volume, and $1.70 could come into play.
Rgds!
Dan
tinyurl. com/TTP-dan
tinyurl. com/dan-disclaimer
3
