Singapore market: Positive momentum on the STI is likely to sustain despite overbought conditions, as investors take on risks in equities on the Fed’s slower pace of rate rises.
Regional bourses opened mixed in Seoul (+0.4%) and Sydney (-0.2%), while the Nikkei is closed for holidays.
From a chart perspective, the STI looks to test its topside resistance at 2,955, with immediate support at 2,890.
Stocks to watch:
*Property: Many developers are reportedly sanguine that they can sell out properties before the respective ABSD deadlines, without having to resort to massive price cuts.
*Yanlord: Spent Rmb1.97b on two land parcels totalling 262,100 sqm gfa in Tianjn, China. The well-connected site located in Tianjin Haihe Academic Park will be developed into a high-quality residential area.
*ST Engineering: Additional USD5.8m capital injection into its aerospace arm, bringing total capital contribution to USD18.9m, to add an aircraft to its leasing portfolio.
*Yongnam: Awarded contracts worth $49.5m for structural steel works for a mixed-use development in Singapore and a specialist civil engineering project in Hong Kong.
*Spackman Entertainment: Disclosed it is in preliminary discussions with a Chinese investor on a potential transaction. Spackman's associate Spackman Media is also currently seeking a listing in Hong Kong.
*Chip Eng Seng: Acquiring a 5,984sqm development site at Gladstone Street, Victoria, Australia for A$52m, and it comes with a town planning permit for 742 residential apartments over three towers. This will be funded via a mix of internal funds and bank borrowings.
*Duty Free Intl: Cooperation JV with Heinemann Asia Pacific in Malaysia to improve margins. Heinemann will have extensive purchase and supply rights of certain products categories and will be involved in operations and overall decision making of the business.
*Soo Kee: Non-binding MOU for the proposed acquisition of DK Bullion has been extended by 60 days to 16 May.
*Yeo Hiap Seng: Establishing a 50/50 JV with China Huiyuan with an initial investment of RM5m, to develop, manufacture, and distribute beverage products, targeting Malaysian market for a start before expanding other southeast Asia markets.
*GRP: Successfully tendered for 110,000 sqm of land for Rmb75.52m from the Bankruptcy Committee of Xinye, to participate in an integrated mixed development project in Tangshan City, China.
*AEM Holdings: Outstanding order book as at 15 Mar stood at $24.5m.
*Tianjin Zhong Xin Pharmaceutical: Obtained certification of good manufacturing practice for pharmaceutical products from authorities.