Regional bourses are trading lower this morning in Tokyo (-0.6%) and Seoul (-0.1%), although Sydney is up 0.3%.
From a chart perspective, the STI has failed to break above its 200-dma at 3,360, with next level support now tipped at 3,268. But technical indicators are grossly oversold and due for a slight rebound.
Stocks to watch:
*Property: SRX Property's flash estimates showed that HDB resale market price index stayed unchanged m/m in May vs +0.2% in Apr, while transaction volumes came in at 1575 units (+19.3% y/y, -2.2% m/m). Analysts are however not predicting a robust recovery anytime soon, as demand continues to be restrained due to the 30% mortgage servicing ratio cap for purchase of HDB flats, as well as 3 year waiting period for new S’pore PR households, and rising interest rates.
*Sarine Technologies: Enjoyed overwhelmingly positive response during the JCK 2015 Las Vegas trade show, with significant deals bagged for its products and technologies. Management highlighted indications of a gradual return to normalcy in the diamond industry and hopes for the trend to stay.
*Q & M: Two substantial shareholders Quan Min Holdings and Heritas Helios Investments intend to undertake a vendor sale. In relation, the board has approved a partial lifting of share moratorium for four other shareholders (8.1% of ownership each) to also participate in the vendor sale. Further, Q & M's CEO, deputy CEO and COO are also interested in the vendor sale and as such, have not voted on the partial lifting of moratorium. The vendor sale of up to 5.9% of total issued share capital will aim to be placed to multiple investors and not to an individual resulting in becoming a substantial shareholder.
*Noble: Invesco emerged as a substantial shareholder via the purchase of 1.18m shares at an average price of $0.763 per share, raising its stake from 4.99% to 5.01%.
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