Singapore shares may see positive momentum may spill from the overnight rally on Wall Street on growing risk-on sentiment as investors speculated that the Fed will not raise interest rates this year.
Regional bourses are trading higher this morning in Tokyo (+1.8%), Seoul (+0.7%) and Sydney (+1.0%).
From a chart perspective, the STI is poised to break above its immediate resistance of 2,850 (20-dma), with next resistance level tipped at 2,920. Downside support remains at 2,670.
Stocks to watch:
*Office: Latest data from DTZ showed that average monthly gross office rents in the CBD fell 4.1% q/q, marking its first decline from an uptrend since 2013. DTZ expects the downward trend to continue, in light of the uncertain current global economy, and guides for rents to stabilize after 2018 as supply gets absorbed.
*Land transport: Singapore government is looking to establish a framework for unregulated private car hire services like GrabCar and UberX.
*Frasers Centrepoint Limited: Received regulatory approval for the development of DUO, a $520m, two tower, mixed-use project, which includes 361 residential apartments and a 300-room hotel. The development is part of the group’s $2b Central Park project in Sydney.
*QT Vascular: Interim results from its Chocolate Touch study (ENDURE) was largely positive with a low rate of failure or the requirement to re-intervene within six months. Commercial launch of Chocolate Touch is expected to commence in 4Q15 and will be marketed to countries outside of the US.
*Miyoshi: Inked MOU to form a 49:51 JV with Core Power (Fujian) Electric to build on its light electric vehicle (LEV) business in the Chinese hinterland after successfully penetrating Henan, Jiangsu, and Shandong. The JV Co is located in the Fujian province where Core Power has a large LEV production facility.
*Chip Eng Seng: Acquiring two sites at Separation Street, Northcote, Victoria, Australia with a total area of 17,857 sqm for A$27m, to develop around 15 townhouses and 300 apartments. The acquisition will be funded via a mix of internal funding and bank borrowings.
*Civmec: New refractory services division has secured two projects, with the first involving the provision of refractory installation services to Ichthys LNG onshore facilities, while the second involves installation works on Chevron's Gorgon project.
Stocks to watch:
*Office: Latest data from DTZ showed that average monthly gross office rents in the CBD fell 4.1% q/q, marking its first decline from an uptrend since 2013. DTZ expects the downward trend to continue, in light of the uncertain current global economy, and guides for rents to stabilize after 2018 as supply gets absorbed.
*Land transport: Singapore government is looking to establish a framework for unregulated private car hire services like GrabCar and UberX.
*Frasers Centrepoint Limited: Received regulatory approval for the development of DUO, a $520m, two tower, mixed-use project, which includes 361 residential apartments and a 300-room hotel. The development is part of the group’s $2b Central Park project in Sydney.
*QT Vascular: Interim results from its Chocolate Touch study (ENDURE) was largely positive with a low rate of failure or the requirement to re-intervene within six months. Commercial launch of Chocolate Touch is expected to commence in 4Q15 and will be marketed to countries outside of the US.
*Miyoshi: Inked MOU to form a 49:51 JV with Core Power (Fujian) Electric to build on its light electric vehicle (LEV) business in the Chinese hinterland after successfully penetrating Henan, Jiangsu, and Shandong. The JV Co is located in the Fujian province where Core Power has a large LEV production facility.
*Chip Eng Seng: Acquiring two sites at Separation Street, Northcote, Victoria, Australia with a total area of 17,857 sqm for A$27m, to develop around 15 townhouses and 300 apartments. The acquisition will be funded via a mix of internal funding and bank borrowings.
*Civmec: New refractory services division has secured two projects, with the first involving the provision of refractory installation services to Ichthys LNG onshore facilities, while the second involves installation works on Chevron's Gorgon project.
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