SG Market: The overstretched market may continue to work off its overbought position, despite overnight gains on Wall Street and crude oil.
Regional bourses had a mixed opening, with Tokyo (+2.1%) and Seoul (+0.2%) firmer, but Sydney (-0.4%) weaker.
From a chart perspective, the STI appears overextended after a month-long rally, with immediate resistance now capped at 2,890, with downside support at 2,830.
Stocks to watch:
*Singapore Budget 2016 (24 Mar): Expected to be relatively neutral with pro-business bias. Focus will remain on infrastructure spending. Corporate goodies may come in the form of delayed foreign worker levy hikes or tweaks to property cooling measures.
*DBS: Reportedly leading the race to acquire Barclays’ HK and S'pore private wealth units (combined AUM of USD20b) valued as much as USD300m. The other rival bidder left is OCBC.
*StarHub: Signed MOU with China Mobile to collaborate in areas such as device, data analytics, network and innovation, etc., to give its users seamless cross border user experience.
*Ezra: Fully redeemed its $95m fixed rate notes due Mon, after securing a $100m bank loan. Separately, it proposes to establish an interest service reserve, and will make a one-time deposit into the reserve in the event its interest coverage ratio falls below stipulated limits over the next two years.
*Keppel Corp: Acquiring 20% of Quoc Loc Phat Joint Stock Company (QLP) for 329.9b dong (~$20.3m). QLP is a developer, primarily in Ho Chi Minh City.
*SGX: Admits Global Link Securities as a trading member. Global Link is also looking to set up a link for Singapore investors to trade in the Taiwan market.
*Karin: Secured two distributorships in Hong Kong and Macau for cybersecurity solutions by Nasdaq-listed Rapid7 as well as the Air Button smart device.
*Cordlife: CEO Jeremy Yee resigns after being with the company for 14 years to pursue other interests. This comes amid keen interests from three Chinese parties, which accumulated a combined 38.3% stake since late 2015.