Singapore market: Shares may see a weak start to the short trading week following continued weakness in US and Europe equities trading last Fri. Trading activity likely to be thin ahead of the Christmas holidays, with economic data light as well.
Regional bourses opened a tad lower in Tokyo (-0.6%) and Sydney (-0.5%), while Korea (+0.2%) opened stronger.
From a chart perspective, the STI faces immediate resistance at the 2,870 level (20 DMA), followed by 2,940. Support is currently at 2,810.
Stocks to watch:
*Yangzijiang: Won shipbuilding contracts for 11 vessels worth a total value of US$626m with deliveries in 2018. During the current quarter, there was a contract termination for a bulk carrier. However, the same customer placed new orders for three combination carriers. It will thus receive compensation for the contract termination through the 10% deposit received.
*Ezra: Subsea Services division, EMAS AMC, secured contracts worth US$70m, including a new NOC client in the Middle East. Works include the lifting of 3,000 metric tonnes of offshore structures.
*DBS: Bank highlights "no basis" to reports on its interests in Standard Chartered, cited by media and brokerage reports recently.
*Ley Choon: Transfer application to from Mainboard to Catalist rejected by SGX. The group will thus have to look into other ways to comply with the minimum trading price requirement.
*AA Group: Acquiring Toko Construction, a building construction company, from Chew Liang Kwang and Chew Meng Seng for $2m.
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