Tuesday, March 29, 2016

SG Market (29 Mar 16)

SG Market: Lacklustre trading volumes will likely persist as investors await Fed chief Janet Yellen's speech tonight, which may shed light on possibility of an early interest rate hike in Apr.

Regional bourses opened mainly in negative territory in Tokyo (-0.8%) and Sydney (-0.6%), while Seoul (+0.5%) is holding up.

From a chart perspective, the STI remains bounded between its topside resistance at 2,900 and immediate support at 2,820, followed by 2,790.

Stocks to watch:
*Plantations: CPO price climbed to two-year high as El Nino squeezed production. MKE has buy ratings on First Resources (TP: $2.08) and Bumitama Agri (TP: $0.85).

*Cordlife: BT reports the company will hold dialogue session to address the abrupt resignation of its CEO, after speculation of a boardroom clash swirled in the market. MKE's last call was Hold with TP of $1.59.

*Frasers Centrepoint: Launched 151 units Fraser Place Setiabudi, its third serviced residence in Jakarta, Indonesia.

*Weiye: Dual primary listing in Hong Kong Stock Exchange to commence on 6 Apr by way of introduction.

*Nordic: Clinched $36.5m of contracts from repeat customers, including piping and insulation works, and a three-year maintenance contract with an oil major with renewal option for additional two years.

*Mermaid Maritime: Qatari unit Mermaid Subsea Services was awarded a US$10m contract for subsea cable installation and related diving services assignment from an existing customer.

*Terratech: Proposed 74m private placement of new shares (10.7% enlarged share capital) at $0.0405/share to raise net proceeds of $2.9m, for M&A and general working capital.

*CITIC Envirotech: Completed the acquisition of two municipal wastewater treatment plants in Fujian Province for Rmb132m. The combined capacity of both plants is 150m3/day.

*Secura: MOU for the potential acquisition of cyber security solutions services provider RedSentry and RedSentry Consultancy.

*Serrano: Received letter of demand claiming $2.5m repayment of loan. The last day to meet payment before legal proceedings commence have passed and the company is seeking professional advice on the matter.

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