Singapore shares are likely to remain in the doldrums with sentiment stifled by a wobbly US market, external woes and lack of positive news at home.
Regional bourses are trading mixed this morning in Tokyo (-0.7%), Seoul (+0.3%) and Sydney (+0.1%).
From a chart perspective, the STI has dipped below its 200-dma at 3,360, with next level support now tipped at 3,268. While technical indicators are grossly oversold, there appears no sign of any rebound yet.
Stocks to watch:
*SGX: Appointed veteran banker Loh Boon Chye as CEO to replace Magnus Bocker. Loh was previously deputy president and head of global markets for Asia Pacific at Bank of America-Merrill Lynch from Dec ‘12 to early this year and on SGX board from 2003-2012. Key issues that Loh will need to tackle in his new position include the sluggish IPO market, unhappiness over no lunch trading break, greater emphasis on the interests of retail investors and the low trading securities volume.
*TTJ: 3QFY15 net profit plunged 74% to $1.6m on revenue of $14.8m (-56%). The slump in revenue was mainly due to lower sales recorded in the structural steel business, partially offset by the increase in revenue from the dormitory business resulting from higher rental rates. Gross margin fell 3.3ppt to 28.2%, as a result of lower volume of structural steel work carried out during the quarter. Bottom-line aided by a 32% drop in admin expenses to $1.9m, due to a decrease in staff costs. NAV/share at $0.352.
*Yamada: Proposed 1-for-2 renounceable rights issue of up to 270.3m new shares at $0.07 each. Gross proceeds of $18.9m will be used for investments and acquisitions (40%) and working capital (60%).
*Sinarmas Land: Agreed to undertake a strategic stake in the proposed IPO of KaiLong China REIT, which is scheduled to be listed on SGX. The investment allows Sinarmas Land to leverage on the relatively high rates of return on completed and stabilized business space properties in the PRC.
*Vard: Secured a contract for the design and construction of one diving support and construction vessel for Singapore-based Kreuz Subsea group. Delivery is scheduled in 2Q17.
*Tianjin Zhong Xin: Obtained approval from China Securities Regulatory Commission to allot and issue not more than 65.166m new placement shares
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