The market will likely remain cautious ahead of FOMC and BoJ policy meetings this week, although market expectations have effectively ruled out a Sep Fed rate hike and technicals are turning slightly positive.
Regionally, Seoul (-0.1%) opened lower, while Tokyo is closed. In Sydney, opening for the ASX is delayed due to a technical issue.
From a chart perspective, immediate support for STI is at 2,800 (200-dma), with topside resistance at 2,880.
Stocks to watch:
*Macro: S&P Global Ratings opines that several sectors in the $60b domestic bond market are vulnerable to rising financial strain after a series of recent defaults. The oil services sector is the most vulnerable followed by agriculture & commodities and some real estate companies.
*Swiber: Defaulting on the upcoming coupon payment for the Rmb450m 7.75% fixed rate notes due 2017 and updated that claims against the group have reached US$231.4m, which its interim judicial managers are trying to verify. Counter remains suspended. This could re-ignite concerns towards highly geared offshore support services players amid still turbulent times.
*UOB: Showcased its leading digital capabilities at the UOB Engage 2016 Presentations. Maybank KE is positive towards the bank’s digital initiatives to retain and attract customers. Maintain Hold (TP: $18.34).
*Vard: Its marine design has been selected for the US Coast Guard's new Offshore Patrol Cutter program.
*Federal Int'l: Its 20.7%-owned associate, Gunanusa Utama Fabricators (PTG) has received a letter of intent for the engineering, procurement, construction and installation of an offshore platform from PTTEP Int'l, valued at US$155m, with an option for a second platform. Separately, the group signed a procurement agreement with PTG with relation to the same project which would bring its order book to about $90m.
*Global Yellow Pages: Proposed placement of 34.1m new shares to Yong Yin Min (Pacific Radiance director) and Thomas Knudsen (Damco Asia CEO) at $0.154 per share, a 9.9% discount to the last trading price of $0.171.
*Secura: Subsidiary Red Sentry has agreed to collaborate with Singapore Business Federation to conduct workshops to help companies, especially SMEs, raise their capabilities in cyber security.
*CSC: Acquiring a 21% stake in Coriolis Hertford for $0.9m. Coriolis owns a 40% stake in Railway Street Hertford which recently obtained approval for the development of a ~0.7 acre freehold land in Hertford, UK into a 28 residential units and 1 commercial space with about 30,000 sf of sellable area.
*TSH: Proposed capital reduction via cash distribution of $0.1072/share, and special DPS of $0.016, following the disposal of Wow Technologies , Explomo Technical Services and freehold land and building at 62 Burn Road for total net proceeds of $9.9m. TSH is now a cash company and is exploring various potential new business opportunities to satisfy SGX listing requirements.
*Dyna-Mac: Lodged police report after suspecting criminal conduct by an ex-employee involving the misappropriation of funds amounting $1m.
*Best World: 55.4m new shares issued pursuant to the 1-for-4 bonus issue will begin trading on 19 Sep.
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