Positive sentiment is likely to spill over to Singapore, as uncertainties surrounding the Fed rate hike in Dec gets eased.
This week, investors anticipate the Japan GDP numbers to be out tomorrow, followed by China Nov CPI and IP on Wed and Thurs, followed by US retail sales data on Fri.
Regional bourses all opened higher today in Tokyo (+1.2), Seoul (+0.2) and Sydney (+1%).
From a chart perspective, the STI may attempt to test the immediate resistance at 2,915 (20-dma), followed by the 2,940 level (50-dma). Downside support at 2,850.
Stocks to watch:
*Yoma: Partnering Axiata Group for its telco tower business after retaining its 25% stake in Digicel Asia. Group disclosed it expects to net a fair value gain of US$19.5m in 3QFY16 on the deal.
*SGX: Total securities turnover for Nov was $19.4b (-13% y/y; -16% m/m), with daily average traded value of $970m (-13% y/y; -8% m/m). Bond listings raised $14b with 31 new bonds listed while 4 new Catalist listings raised $135m. Derivatives volume totalled 13.6m contracts (+13% y/y; +20% m/m), while commodities derivatives volume swelled to 988,334 contracts (+86% y/y; +28% m/m).
*Cordlife: Acquired additional 17.4m shares in Stemlife for RM7.8m ($2.6m), increasing stake in the associated company to 48.9% from 41.9%.
*NOL: Requested for a trading halt pending release of an announcement. Deadline for exclusive buyout talks with French carrier CMA CGM is today.
*Vallianz: Bagged a time charter contract with existing Middle Eastern state-owned customer worth up to US$98m, to supply four AHTS vessels for up to five years. The new contract brings order book to over US$1b, which comprises mainly long term time charters that stretch up to 2022.
*Otto Marine: Secured long term bareboat charter contract for a work maintenance vessel for US$26m.
*Chip Eng Seng: Proposed a spin-off listing for its construction business.
*P99: Deadline extended to 30 May ‘16 for its proposed acquisition of a 95.6% stake in Barito. If it is unable to complete the acquisition, the company is required to delist and a cash exit offer has to be made within 6 months (30 Nov ‘16).
*Qingmei: Received approval to release its 3Q15 financial results before 31 Jan ‘16, as the company is in the midst of looking for a financial controller.
*Japan Foods: Launched its first non-Japanese concept restaurant. The group opened a Bak Kut Teh franchise restaurant in Clementi Mall, which leverages on its existing central kitchen.
*Blumont: JV agreement with Eminent Envisage to undertake a residential and/or commercial development of its 7,863sqm plot of leasehold land in Selangor, Malaysia.
*KrisEnergy: Commenced drilling of the Mustika-1 exploration well in the KrisEnergy-operated Sakti production sharing contract ini East Java Sea. Drilling is expected to take approximately 20 days.
*China Environment: Disclosed that auditor Baker Tilly TFW had identified certain issues with its invoicing and has requested group's managemnet to provide all necessary
explanations and information to address the issues.
8:50:20 AM: Clement Ho Jia Xing:
*SCI: Signed an MOA with the Myanmar government to develop a US$300m gas-fired power plant in central Myanmar, slated for completion in 2018. SCI will have an 80% stake in the project, while its local partner will hold the remaining 20%.