SG Market: Investors are likely to stay by the sidelines ahead of the Brexit referendum this Thu, leaning towards safe havens in telecoms, consumer and gold.
Regional bourses opened mixed in Tokyo (-0.5%), Seoul (+0.5%) and Sydney (+0.3%).
From a chart perspective, resistance for the STI remains at 2,820, with downside support at 2,740.
Stocks to watch:
*Sing Post: COO Dr Sascha Hower quit, making this the 3rd senior management resignation in less than a year, following that of its CFO and CEO. The Chairman and three more directors have also stepped down. MKE’s key argument for contrarian Sell call is predicated on intensifying competition in the industry; TP $1.29.
*Eu Yan Sang: The Foreign Investment Review Board of Australia has approved the conditional cash offer at $0.60/share. The offer has not yet turned unconditional in all respects.
*Ezion: Acquired a 49% stake in an Indonesian company which owns, charters, and operates vessels, for an undisclosed sum.
*Cosco Corp: 51%-owned Cosco Shipyard Group delivered a module carrier to its European buyer.
*Blumont: 10.7%-owned Kidman Resources plans to extend exploratory drilling at its Blue Vein gold deposit in Western Australia. The mine currently has a combined measure, indicated, and inferred resource of 372,000 oz of gold at 2.39gold/tonne. Separately, Kidman completed the sale of its Gunga West gold project for A$1.5m.
*Frasers Centrepoint Trust: Issued $50m medium term notes at 2.76% due 2021.
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