Singapore shares are set to gap up following the sharp snap-back on Wall Street, after signs of stability in the Chinese markets led a rally in global equities.
Regional bourses are trading higher this morning in Tokyo (+4.2%), Seoul (+1.8%) and Sydney (+1.2%).
From a chart perspective, topside resistance for the STI is tipped at 2,950, with support at 2,750.
Stocks to watch:
*Property: Business Times reported that a consortium led by property investor Stanley Quek has purchased a couple of adjacent shop houses in Duxton Hill for $19.6m. The price translates to ~$2,200 psf and has tenure of 72 years.
*Hu An Cable: Facing calls by the local government of Wuxi City in China to sell three subsidiaries to Yixing Jinxiao Copper Industry, even as the group revealed that about 2/3 of Rmb706m orders in the key power generation and transmission sector have been delayed until further notice. The consideration for the proposed disposal will be determined based on a valuation of the assets and liabilities of the group’s three subsidiaries.
*HG Metal: Suing customer Gayathri Steels for $1.8m, being the outstanding amount owed for non-payment of supplies of steel material, including interest. Gayathri has filed a defence, asserting that claim is premature and that HG Metal is not entitled to its claims; counter-claiming for $2.1m plus interest and costs over an alleged breach of contract by HG Metal.
*Challenger: Setting up a subsidiary, Challenge Ventures, to invest in complementary companies in order to expand its physical and digital retail footprint. It will inject an initial $1m into the subsidiary, with an option to invest up to $20m upon identification of suitable investments.
*Union Steel: Terminated the proposed RM41.8m ($14.4m) acquisition of eight parcels of land in Malaysia to expand its recycling business due to the invalidation by the Malaysian court.
*Spackman Entertainment: 51%-owned Novus Mediacorp commenced filming for Korean romance thriller "Life Risking Romance", expected to be released in Korean theatres in 1H16.
*Lippo Malls Trust: Established a $1b Euro medium term securities programme.
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