Brent oil prices rebounded pass the US$50 levels despite the failure of OPEC to come to a production output agreement as the US reported a 1.4 million decline in crude inventories. Given the improving oil supply/demand fundmamentals going into the second half of 2016, we have turned more positive on accumulating oil and gas stocks whose valuations are trading at their 10-15 years low. We would accumulate stocks of Keppel Corp (BUY TP $5.60), Triyards (BUY TP $0.55) and Nam Cheong (BUY TP $0.11).
US markets closed slightly higher on Thursday as oil prices rebounded. The S&P 500 index rose 0.3% to 2,105, led by gains in healthcare and telecom stocks. This marks the highest close for the index since 3 November 2015, when the index closed at 2,109. The Dow Jones Industrial Average rose 0.3% led by gains in Caterpillar and DuPont. In Europe, the actions of the ECB were within expectations as it left key intereset rates unchanged.
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US markets closed slightly higher on Thursday as oil prices rebounded. The S&P 500 index rose 0.3% to 2,105, led by gains in healthcare and telecom stocks. This marks the highest close for the index since 3 November 2015, when the index closed at 2,109. The Dow Jones Industrial Average rose 0.3% led by gains in Caterpillar and DuPont. In Europe, the actions of the ECB were within expectations as it left key intereset rates unchanged.
CA Mihir Desai
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