The market will likely open stronger after supportive policy decisions by BoJ and FOMC spurred a rally in global equities.It may also get a further boost from a jump in oil prices overnight, offering some breathing space to oil & gas counters.
Regional markets such as Seoul (+0.9%) and Sydney (+0.8%) opened notably higher, while Tokyo is closed for a public holiday.From a technical stand-point, Topside resistance for STI is at 2,880 with underlying support is at 2,800.
Stocks to watch:
*Vard: Secured a US$40m contract to build two module carrier vessels for Topaz Energy & Marine. Delivery of both vessels is scheduled in 2Q18. But, investors should remain cautious, as its net gearing remains high at 3.6x as at Jun '16, and interest coverage is less than 0.5x.
*Secura: Clinched a service contract from Singtel worth up to $7.9m to provide unarmed security guarding services at certain premises for two years, effective from Oct ’16- Sep’ 18.
*HLH Group: Terminated to US$36.8m contract it awarded to Yanjian Group Cambodia for the construction of D'Seaview, a 737-unit residential project, as the latter was unable to comply with the terms of the contract. HLH has re-awarded the contract to Sinohydro Corp. for US$35.3m. Sales of the project currently stand at 53%.
*Fragrance Group: Obtained a planning permit for its property at 555 Collins Street, Melbourne CBD, Australia. The 2,300sqm freehold site with plot ratio of 24 will be developed into a mixed use property comprising retail outlets, 625 residential units and four basement levels.
*SMRT: Entered 60:40 JV with Cyclect Electrical Engineering to provide electrical system solutions for land transportation in ASEAN, Australia, and New Zealand. Total investment cost is $1m.
*Asiamedic: Responded to SGX irregular trading query for its price surge, that it is having ongoing discussions on prospective business opportunities, including possible M&A, but has not attained any definitive agreement at this point.
*PSL Holdings: Placing out 7.7m new shares to three individuals, Atan, Edison, and Melda Veronica, at $0.3825 per share to raise gross proceeds of $2.96m.
*Annica Holdings: Disposing a single-storey intermediate terrace factory at 38 Kallang Place, which occupies 1,034sqm of land, for $3.33m.
*Jiutian Chemical: Received approval from SGX to transfer its listing from the Mainboard to the Catalist board. The move is now pending shareholders’ approval at an upcoming EGM.
*Trek 2000: Auditor EY disclaims from making an audit opinion due to inconsistencies in Trek’s accounting records, the ongoing investigation by CAD, as well as certain interested-party transactions that were previously not disclosed.
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