SG Market: Risk-off mood is likely to weigh on the market as investors face lingering uncertainties from upcoming series of events next week, which could set the tone of financial markets in the mid-term.
Regional bourses opened in the red in Tokyo (-0.5%), Seoul (-0.3%) and Sydney (-1.1%).
From a chart perspective, STI sees downside support at 2,830, with resistance at 2,890.
Stocks to watch:
*Keppel Corp: News reports cite the group is close to clinching its first significant offshore contract this year worth more than US$500m, giving it a much needed boost amid the slump in rig demand.
*NOL: Buyout offer declared unconditional after CMA CGM secured 67.3% control. Closing date for the offer has been extended to 4 Jul.
*mm2 Asia: Appointed professionals to prepare for the listing of UnUsUal on the Catalist board following its proposed acquisition of a 51% stake in the concert producer for $26m.
*Atlantic Navigation: Signed shipbuilding agreements worth US$45m with a Chinese shipyard to supply five utility and two AHTS vessels, to be delivered in 3Q17. The vessels will subsequently be deployed in the Arabian Gulf under five-year charters to a Mid-East national oil company.
*Tritech: Awarded a $36.6m consultancy contract by LTA to provide construction supervision and review services for the proposed east coast section of Thomson East Coast Line Xilin station, as well as new infrastructures attached to existing Tanah Merah station.
*Otto Marine: Secured a shipbuilding contract worth US$14m from an Indonesian state-owned enterprise. Delivery for the tanker is expected in 2Q18.
*Terratech: Entered RTO agreement to sell $300m worth of shares at $0.07/share to Capital City Property, a Malaysian property developer.
*iX Biopharma: Granted a patent in South Korea for its WaferiX drug delivery technology. The patent will expire on 26 Oct ‘30.
*Ausgroup: Held an informal meeting with noteholders with the aim of discussing further steps to relax debt covenants of its Series 001 $110m 7.45% notes.
*Hoe Leong: Updated that the winding-up petitions filed against two of its associates have been withdrawn in Malaysia.
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