Elsewhere, SPH ended the week at $1.67, rising some 9% overnight. This is above our initial upside of $1.60. Prices traded well above $2 pre-Covid, and price trajectory is likely to take the stock back to that level. Traders should continue to raise their stop loss levels, which should now be at $1.50.
More exciting than the rather staid Straits Times Index, is the performance of selected property related stocks such as Singapore Press Holdings (SPH), and United Industrial Corp (UIC) which has announced a name change to Singapore Land Group subject to shareholders’ approval at an EGM. City Developments (CDL) is attempting to overcome the hole caused by Sincere Property Group. Technically at any rate, CDL’s prices breached the four-times tested resistance at $8.08 on Apr 1, indicating an initial upside of around $9.20 to $9.30. This is not an April’s Fool joke.
