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12 April 2022: Stocks making the biggest moves

Market Movers | Trading Dashboard

Market Movers


United States

Top Sector Gainers

SectorGainRelated News
Airlines+1.7%EU Split On Russian Oil Embargo
Southwest Airlines (LUV US)
Homebuilding+1.5%Credit Suisse initiates homebuilding stocks, KB Home, Pulte at Outperform
KB Home (KBH US)
Aerospace & Defense+0.1%Goldman screens companies with best and worst pricing power into earnings season
Raytheon Technologies (RTX US)

Top Sector Losers

SectorLossRelated News
Major Telecommunications-4.9%How the AT&T Spinoff Has Complicated Trading in Its Stock
AT&T (T US)
Aluminum-4.2%China demand angst hits aluminum prices
Aluminum Corporation of China (ACH US)
Oil & Gas production-3.6%
Oil dives 4%, below $100 on China lockdowns, reserves release plan
Occidental Petroleum (OXY US)
  • AT&T Inc (T US) shares jumped 7.7% yesterday after the telecom giant announced that it closed its transaction with Discovery to spin off its WarnerMedia business. The combined company is called Warner Bros. Discovery. It began trading on the Nasdaq on Monday under the new ticker symbol WBD. JPMorgan also assigned an overweight rating to AT&T.
  • Occidental Petroleum Corp (OXY US) shares lost 6.3% yesterday. WTI crude futures fell almost 5% to below $94 per barrel on Monday, the lowest in over three weeks, as lockdowns continued in top importer China and major consumers announced plans to release crude from strategic reserves. Investors tracked developments in China, where authorities have kept Shanghai, a city of 26 million people, locked down under “zero tolerance” for Covid-19 policy. Also weighing on crude prices, IEA member states will release 60 million barrels over the next six months, with the US matching that amount as part of its 180 million barrel release announced in March.
  • Nvidia Corp (NVDA US) shares fell 5.2% after Baird downgraded the chipmaker to neutral from outperform, citing concerns about order cancellations driven in part by a slowdown in consumer demand for PCs.
  • Shares of tech giants were lower Monday as the 10-year Treasury yield climbed to its highest level since January 2019. Microsoft Corp (MSFT US) lost 3.9%, while Meta Platforms Inc (FB US) dipped 2.6%.

Singapore

  • RH Petrogas Ltd (RHP SP) and Rex International Holding Ltd (REXI SP) shares lost 4.9% and 2.9% respectively yesterday. WTI crude futures fell nearly 3% to below $96 per barrel on Monday, following the second straight weekly decline, as lockdowns continued in top importer China and major consumers announced plans to release crude from strategic reserves. Investors tracked developments in China, where authorities have kept Shanghai, a city of 26 million people, locked down under “zero tolerance” for Covid-19 policy. Also weighing on crude prices, IEA member states will release 60 million barrels over the next six months, with the US matching that amount as part of its 180 million barrel release announced in March.
  • Frencken Group Ltd (FRKN SP) and UMS Holdings Ltd (UMSH SP) shares fell 3.1% and 3.3% respectively yesterday. It was announced yesterday that the manufacturing hub of Guangzhou closed itself to most arrivals Monday as China battles a major COVID-19 surge in its big eastern cities. China has stuck to its “zero-COVID” strategy of handling outbreaks with strict isolation and mass testing, despite complaints in Shanghai over shortages of food and medical services.
  • Singapore Post Ltd (SPOST SP) shares lost 3.7% yesterday. Singpost said in a bourse filing on Wednesday (Mar 30) evening that it will be issuing S$250 million in perpetual securities with an initial distribution rate of 4.35% per annum for the first 5 years. The money raised from the sale of these perpetual securities will be used for SingPost’s general corporate purposes, including the refinancing of its existing borrowings.

Hong Kong

Top Sector Gainers

SectorGainRelated News
Diversified Food & Beverage0.58%China’s inflation tops forecasts as supply pressures worsen
Want Want China Holdings Limited (151 HK)
Toys0.47%China inflation: fuel and food prices to push up consumer costs amid Covid-19 outbreak, Ukraine war
Pop Mart International Group Ltd (9992 HK)
Fertilisers & Agricultural Chemicals0.43%China’s March PPI rises faster than expected
China BlueChemical Ltd (3983 HK)

Top Sector Losers

SectorLossRelated News
Airline Services-4.15%China closes Guangzhou to most arrivals as COVID-19 outbreak spreads
China Eastern Airlines Corporation Limited (670 HK)
Biotechnology-4.00%China’s Covid Outbreak Worsens as Shanghai Cases Top 26,000
RemeGen Co., Ltd (9995 HK)
Gamble-3.85%China’s Covid Outbreak Worsens as Shanghai Cases Top 26,000
Wynn Macau Ltd (1128 HK)
  • Ganfeng Lithium Co Ltd (1772 HK) shares lost 15% yesterday after Tesla CEO Elon Musk said on social media on Friday that Tesla may directly enter the lithium mining and refining business on a large scale, because the metal cost of making key components of batteries has become very high. “Lithium prices have reached crazy levels,” Musk wrote. “Lithium itself is not in short supply because it is almost ubiquitous on Earth, but extraction/refining is slow.”
  • NIO Inc (9866 HK), Li Auto Inc (2015 HK). Automobile stocks fell collectively yesterday. Chinese electric car company Nio said over the weekend it is raising prices and suspending production as the latest Covid wave added to supply chain challenges. Raw material prices, particularly those for batteries, have risen “too much” this year with no downward trend in sight for the near term, CEO William Li said as part of the announcement, according to a CNBC translation of the Chinese statement. A day earlier, on Saturday, Nio said it suspended production due to Covid-related restrictions in the last several weeks that halted production at suppliers’ factories.
  • Haidilao International Holding Ltd (6862 HK), Jiu Mao Jiu International Holding Ltd (9922 HK). F&B stocks fell collectively yesterday. The National Health and Health Commission announced on Sunday that there were 1,164 new local confirmed cases and 26,345 local asymptomatic infections. Among them, Shanghai added 914 local confirmed cases and 25,173 local asymptomatic infections. Other cities around China, including the southern city of Guangzhou, are introducing new restrictions and building makeshift hospitals as the government continues to stick to its “dynamic zero COVID policy”. China’s official news agency Xinhua said on Sunday that to ease the policy would be “disastrous”.

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Trading Dashboard

Trading Dashboard Update:  Add AviChina Industry & Technology (2357 HK) at HK$4.20, Ping Ang Insurance (2318 HK) at HK$57.00 and Metallurgical Corporation of China (1618 HK) at HK$2.15. Cut loss on Trip.Com (9961 HK) at HK$170 and Ganfeng Lithium (1772 HK) at HK$100.

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