Tuesday, April 24, 2012

SG Market

SG Market: S’pore shares are likely to slip below key supports, tracking Wall Street's and European bourses' losses on concerns over Europe’s economy and debt problems. With French elections looming and a Dutch govt walkout, cracks are starting to appear in the political system as resistance grows to much-needed austerity measures. The STI has broken below both 20 and 50-day moving averages as well at 2970 immediate support. If 2950 breaks, the next support zone would be at 2915 level. Among stocks in focus: *Frasers Centrepoint Trust 2Q results in line; net property income +30.4% to $26.2m due to major AEI completion at Causeway Point and the addition of Bedok Point to portfolio; DPU +20.8% to 2.5¢ *Rickmers Maritime reported 11.7% drop in 1Q net profit to US$8.2m on stable charter revenue and repaid US$13.3m of debt, paring down its bank debt to US$608.6m as of end-Mar. DPU remains unchanged at US0.6¢. *CNMC Goldmine struck new gold deposits in its Msian concessions by 35% and raised its ore reserves by 35% to 503,000oz. The miner aims to increase production from current 10-15kg/month to annual output of 1,000kg of gold. *Frasers Commercial Trust sold its KeyPoint property to Fragrance and Aspial for $360m. *XinRen Aluminium secures shareholders approval to acquire a 21% stake in a Xinjiang smelting plant *Sembcorp Industries announces a tie-up to build 5th Vietnam industrial park

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