Singapore shares are expected to face selling pressure following the selloff on Wall Street, weighed by a NYSE shutdown, ongoing uncertainty over China’s ability to stem its stock market rout, and Greece heading towards a debt deadline this week.
Regional bourses all opened significantly lower today, with Tokyo (-1.8%), Seoul (-0.8%) and Sydney (-1.1%).
From a chart perspective, downside support for the STI remains at its recent low of 3,268, with the next level at 3,200. Overhead resistance is at the 3,360 triple-top.
Stocks to watch:
*Economy: A Morgan Stanley index, which is based on an analysis of futures trading, suggests that the Fed will likely delay raising US interest rates until next year. This comes amidst the uncertainty of Greece’s membership in the EU, coupled with plunging prices for both Chinese stocks and global commodities.
*M1: Bloomberg reported that M1 has reached a mobile virtual network operator agreement with Liberty Wireless. The pact will allow Liberty to use M1’s mobile phone network to offer services in Singapore from the end of 2015.
*STATS ChipPAC: Expects 2Q15 revenue to come 6%-8% lower m/m and drop 15%-17% y/y due to the sluggish demand in the semiconductor industry, particularly from smartphones sales in emerging market, product transition in the high-end smartphones segment, and weaker demand from the PC segment. Specifically for its Taiwanese subsidiaries, revenue is expected to be 6% lower m/m and 23% lower y/y.
*Yoma: Terminated its JV with LCT Investment Holdings for the building and operation of a steel mesh products manufacturing plant in Yangon.
*Zhongxin Fruit and Juice: Compensated Rmb3.2m in a compulsory acquisition by the municipal government for an unused piece of land and structure adjourning Baiyi river. Group is expected to recognize a net gain of Rmb2m in its FY6/16.
*Rex International: Fidelity International has increased its stake from 8.96% to 9.01%, via the purchase of 558.2k shares from the open market at an average price of $0.23.
*Centurion: $65m three-year bonds priced at 5.25%, lower than the initial 5.5% area guidance, with orders reaching as high as $130m.
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