Oil-related counters will continue to be lifted by the recovery in oil prices following plans for an informal meeting by OPEC and non-OPEC members in Istanbul next week to discuss production cuts, while yield stocks could come under pressure from growing prospect of a US rate hike.
Regional markets opened in the green in Tokyo (+0.9%), Seoul (+0.5%) and Sydney (+0.3%).
Technically, STI is hovering near its support at 2,880, with upside resistance at 2,910.
Stocks to watch:
*Keppel Corp: Awarded a US$26.7m contract to provide technology and services to the Baoan waste-the-energy plant in Shenzhen, China, scheduled for completion by 2018. Separately, the group divested its 100% stake in Wiseland Investment, which owns the 250-room Sedona Hotel Mandalay in Myanmar, for US$41m ($55.4m), and expects to book a gain of $43.2m (2.4¢/share).
*UOL/UIC: 50:50 JV has won an enbloc tender for a residential development, Raintree Gardens, in Potong Pasir, for $334.2m, or $593 psf ppr. The The JV intends to redevelop the 99-year leasehold property, which has a site area of 201,406 sf and plot ratio of 2.8.
*IREIT: Shareholders of manager IREIT Global Group will divest an 80% stake to European Asset Manager Tikehau Investment. Subsequently, Tikehau intends to change the investment mandate of IREIT to cover all commercial income-producing properties including offices, retail and industrial properties across Europe.
*New Toyo: Acquiring British American Tobacco Indonesia’s printing business for Rp304b (RM96.9m). The deal comes with a six-year manufacturing and supply of packing materials agreement, in which New Toyo will be appointed as the printing supplier for the vendor.
*Asia Fashion: Entered in a 14-day MOU with G Music (HK) to negotiate on the promotion for the 15th Anniversary Live Tour “Forever Memories” concert for Japanese dance boy group, W-inds, in Hong Kong.
*SMRT: Court hearing date for the privatisation by Temasek via a scheme of arrangement will be on 17 Oct. The counter will cease trading on 18 Oct.
*Dutech: Completed the $4.5m acquisition of METRIC mobility solutions, which manufactures and designs intelligent terminals such as parking machines.
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