SG Market: The market may be range-bound, with a downside bias, ahead of risk events like the OPEC and ECB meetings today, and the US jobs report tomorrow.
Regional bourses opened mixed, with Tokyo (-0.9%) and Sydney (-0.2%) weaker, while Seoul (+0.1%) marginally higher.
From a chart perspective, downside support for the STI is seen at 2,760, with resistance at 2,830.
Stocks to watch:
*Cosco: 51%-owned Cosco Shipyard has secured a contract with CMA CGM to build four 3,300 TEU container vessels at an undisclosed price. Deliveries are expected in 2018.
*Frasers Centrepoint: Construction firm Brookfield Multiplex was awarded a $290m contract to deliver FCL’s JV project DUO in Sydney. This is a mixed development comprising two towers, with target completion in early 2018.
*Trek 2000: Other than its CFO, more management members including Poo Teng Pin (executive director), Henn Tan (CEO, chairman, ED), and Foo Kok Wah (president of regional sales), were called upon by the CAD to assist on investigation about a possible offence for faudulent inducement in relation to an asset.
*Silverlake Axis: Planing to sell a 5.9% stake in its 20%-owned Shenzhen-listed associate GIT within a six-month period, starting from 24 Jun, as the one-year moratorium from GIT's IPO expired on 1 Jun.
*MYP: Proposing to acquire Straits Trading Building for $560m. The proposed acquisition remains subject to a definitive agreement.
*China Environmental Resources: Extended a 12% HK$7.5m loan to an unnamed borrower with repayment to be made within 90 days of the loan’s drawdown.
*Yoma: Myanmar real estate developer peer Golden Glory's reported upcoming IPO is likely to renew investor interest on Yoma.
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