S&P 500 (+2.51%), Nasdaq (+2.8%), and Dow (+1,300 points)

U.S. stock futures were mostly flat after a strong market rally driven by President Trump’s decision to pause attacks on Iran for two weeks, with major futures indexes slipping slightly.

During the prior session, stocks surged—S&P 500 (+2.51%), Nasdaq (+2.8%), and Dow (+1,300 points)—on optimism about easing geopolitical tensions.

Brent crude spot prices rose above $120 per barrel—about $30 higher than futures—signaling tight oil supply that could persist for months despite a U.S.–Iran ceasefire. Restoring normal oil flows will take time due to ongoing disruptions.

The Strait of Hormuz remains largely blocked despite a U.S.–Iran ceasefire, with only a handful of ships moving compared to normal traffic (~135 daily). Over 800–1,000 vessels are stranded, waiting for safe passage.

Shipping companies and insurers are cautious, saying it’s unclear how transit will work and warning that risks remain high. Iran requires coordination for passage and may charge hefty tolls, adding to uncertainty.

France plans a major defense spending boost, focusing on munitions and drones, to respond to rising global threats and concerns about reduced U.S. military support in Europe.

The push is part of a broader NATO trend to increase defense budgets, amid uncertainty over U.S. commitment to European security.

Innotek seeks to raise up to $16 mil by placing out new shares at 65.06 cents; CEO undertakes vendor share sale

Thakral raises $4.26 mil via sale of treasury shares at $1.80 each to ICH Synergrowth Fund and Lion Global Investors

iX Biopharma issues 10 mil new ordinary shares at exercise price of six cents each

Link REIT announces plans to divest its stake in Swing By @ Thomson Plaza

Inta Bina Group Bhd (INTA) secured a RM32.41 million construction contract for the Eco Ardence township in Shah Alam, including shop units, retail/office spaces, and an electrical substation

Eckem Holdings Bhd signed an underwriting agreement with M&A Securities for its IPO and proposed listing on the ACE Market

Malaysian glove maker WRP Asia Pacific is shutting down operations starting mid-April due to severe supply chain disruptions and soaring costs caused by the Middle East conflict.

The Strait of Hormuz disruption worsened shortages, putting heavy financial pressure on glove manufacturers and threatening global supply.

Other companies like Top Glove have raised prices or adjusted strategies, but smaller players like WRP are more vulnerable.

The Hong Kong market posted strong gains, with the Hang Seng Index (HSI) rising 776 points, or 3.1%, to close at 25,893. The Hang Seng China Enterprises Index (HSCEI) also climbed 220 points, or 2.6%, to 8,677, while the Hang Seng TECH Index (HSTECH) outperformed, jumping 244 points, or 5.2%, to 4,923. Total market turnover surged to HKD 372.437 billion, reflecting heightened trading activity. Among major movers, Meituan-W rallied 10.3% and JD-SW gained 3.6%, supported by increased regulatory focus on food safety. In contrast, medical stocks faced heavy selling pressure, with SBP Group falling 4.6%, CSPC Pharma declining 4.1%, and Hansoh Pharma dropping 2.9%, all underperforming the broader market.

OCBC Bank (OCBC SP)

RE-ITERATE BUY | Entry: 21 | Target: 25 | Stop Loss: 19 — Capital return is a real rerating lever; proposed 60% payout for FY25 (including special dividend and ongoing S\$2.5B two-year capital return plan). Downside is tightened even if NIM drifts lower; diversified income offsets NII downcycle. Key risk: Lower net interest income in a declining rate environment.

United Overseas Bank Ltd (UOB SP)

RE-ITERATE BUY | Entry: 35.5 | Target: 40.5 | Stop Loss: 33.0 — MAS policy stance, fee momentum, and ASEAN franchise support outlook. Provisioning is front-loaded for 2026, reducing downside tail risk and improving earnings visibility. Key catalyst: Clean 2026 earnings slope post-provisioning.

Info-Tech Systems Ltd (ITSL SP)

SAC Capital: Initiation (Non-Rated) — Highlights strong FY2025 results: revenue up 29% YoY, net profit up 21.7%, and adjusted net profit up 46%. Key catalysts include launch of proprietary CRM platform, robust cross-selling potential, and rapid expansion of Info-Tech Academy driving services revenue. Risks: Heavy reliance on SME segment and government grants (PSG), with renewal risk when subsidies lapse; tightening grant eligibility could impact recurring revenue. Valuation: Trades at 17.2x P/E and 3.1x P/B, below Mainboard average.

Zixin Group Holdings Ltd (ZXGH SP)

Maybank: Not Rated — Positive on sustainable multi-year growth driven by vertically integrated sweet potato business model, capacity expansion, and margin improvement through product premiumisation. Catalysts: Significant expansion in planting area and cold storage capacity, new animal feed contract, and joint venture in Hainan with CITIC Construction for five-fold expansion of cultivable area. Risks: Climate volatility, supply disruptions, FX and capex risks, heavy reinvestment strategy with no dividend distribution, and potential dilution from share-based incentive schemes.

Keppel Infrastructure Trust (KIT)

Lim & Tan Securities: Accumulate | TP S\$0.56 — High yield (7.6%) with cost pass-through mechanisms; strong distributable income growth (24.4% y-o-y in FY2025), defensive asset portfolio, and ongoing capital recycling. Catalysts include yield appeal, cost pass-through, and redeployment of divestment proceeds. Risks: premium valuation (35x forward PE, 2x PB).

Skylink Holdings Limited

Lim & Tan Securities: — TP S\$0.47 — Integrated commercial vehicle leasing/financing model, EV adoption tailwind, diversified SME customer base; resilient performance and high revenue visibility. Catalysts: accelerating EV fleet adoption, new long-term contracts. Risks: Small cap (S\$50m), 14x PE, 6.7x PB.

First REIT

Phillip Securities: ACCUMULATE | TP S\$0.25 (from S\$0.29) — Proposed divestment of all Indonesian assets (S\$471.5m first tranche, S\$294.8m put option tranche) prioritises DPU stability and capital recycling; expected to be cash-rich post-divestment with special dividends planned. Key catalysts: asset divestment completion, strategic review for APAC developed market acquisitions. Risks: Uncertainty in future portfolio, DPU could fall to ~1.7c post-divestment (excl. special), lack of near-term acquisition pipeline.

Info-Tech Systems Ltd (ITSL SP)

Zixin Group Holdings Ltd (ZXGH SP)

Keppel Infrastructure Trust (KIT)

Skylink Holdings Limited

First REIT

Thank you

S&P 500 (+2.51%), Nasdaq (+2.8%), and Dow (+1,300 points)

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Dow futures rose 967 points (2.1%), S&P 500 futures increased 2.1%, and Nasdaq 100 futures climbed 2.3%, while crude oil prices fell roughly 18% to below $93 a barrel

The S&P 500 fell 0.39% (third straight loss), dragged down mainly by tech stocks, while the Nasdaq dropped 0.73% and the Dow rose slightly 0.11%.

The S&P 500 gained 0.72% to 6,575.32, the Nasdaq Composite rose 1.16% to 21,840.95, and the Dow Jones Industrial Average added 224.23 points (0.48%) to 46,565.74.