SG Market: Spore shares likely to extend recent gains on Wall Street's rally overnight, paving way for STI to test 3100 for first time since Jun 08. But gains may capped as investors await FOMC policy statement on the health of the US economy later Tues. STI +4.4% since beg Sep; small caps & S-chips again will hog limelight esp consumption plays that will benefit higher disposable income of Chinese consumer such as China Minzhong & the sports apparel stocks.
Noble Group may gain when it resume trading as US$317m acqn of US electricity retail business of RBS-Sempra Commodities is synergistic to its natural gas, power & energy businesses. SGX may get boost from move to start clearing svcs next month for OTC trades on financial derivatives becoming 1st Asian bourse to offer such initiative. Biosensors is likely to continue drawing interest ahead of stent rival Microport’s (853 HK) impending listing in HK, which could lead to a rerating of the stock.
On the stock ratings front, Daiwa issued a S-Reit report upgrading Asecndas (OP from UP; TP: $2.50 from $1.5 & CapitaRetail China (Hold from UP; TP: $1.24 from $1.11) & downgrading FCT (Hold from UP). Keeps Ascott & Mapletree Logistics as Buys. BNP raises Sim Lian’s TP to $0.80 from $0.76 following recent win at Hougang land tender.
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