Singapore shares are expected to open lower, taking cue from the weak close in Wall Street, as the dull ADP jobs data for Feb kept most traders cautious ahead of the key official payrolls report.
Regional bourses are trading lower this morning in Tokyo (-0.6%), Seoul (-0.1%) and Sydney (-0.4%).
From a chart perspective, the STI is well bound within the 3,390-3,450 consolidation range.
Stocks to watch:
*JES: Terminated its proposed 51%-stake acquisition of Congo forestry company, SCIBOIS, after talks broke down, nullifying a 183m share placement agreement with two parties, Brilliant Choice Int’l and Sun Yiyi. In addition, company has requested for a trading suspension to undergo an asset restructuring involving its loss-making shipbuilding arm and its creditors.
*Hoe Leong: Private placement of 57m new shares at $0.046 apiece to Khua Kian Keong (CEO of Vibrant group), representing 11.3% of enlarged share capital and raising $2.62m in gross proceeds for working capital and/or fund the acquisition of assets or other businesses.
*Civmec: Awarded significant contract for fabrication and site erection of steelwork for the new Perth Stadium. Completion is expected in 18 months. Civmec’s current order book stands at $237m.
*SGX: Securities average daily value was $1.17b (+12% y/y, -3% m/m) in Feb. There were 29 bond listings, raising a total of $8.7b (-2% y/y, -44% m/m). Derivatives ADV jumped to 9.7m contracts (+31% y/y, - 20% m/m).
*KOP: Announced the successful takeover of Semara Resort & Spa, Seminyak , which will be transformed into Montigo Resorts, Seminyak, Bali, the groups second property under the Montigo Resorts brand.
*Design Studio: CEO and executive director Bernard Lim Leng Foo has announced his resignation but will stay until a new CEO is found.
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