Positive mood could spill over to the Singapore market on the improving economic health in the US, as well as heightened certainty on a Fed rate hike next month. Regional bourses opened mixed in Tokyo (+0.9%), Seoul (-0.3%) and Sydney (+0.3%).Technically, STI could test its 200-dma at 2,817, followed by the next resistance at 2,840, with downside support seen at 2,780.
Stocks to watch:
*Keppel Corp/ KrisEnergy: Been granted a whitewash waiver exempting Keppel Corp from making a mandatory offer for its 39.99% owned KrisEnergy, as the former has irrevocably undertaken to underwrite KrisEnergy’s proposed pref offering of up to $140m senior secured zero coupon notes due 2024.
*Best World: Received authorisation from MOFCOM to conduct direct selling in Hangzhou city, China. Group expects conversion of the current export business to China into direct selling in incremental phases, and continues its geographic expansion into the other Chinese regions to accelerate growth. MKE last had a Buy with TP of $2.16.
*Sabana REIT: Entered into three master leases, each with a one-year tenor, with sponsor Vibrant Group. The leases have an aggregate gross rental of $10.1m, and will come with four successive options for an additional year of renewal.
*SIA: Issued $430m in notes priced at 3.13% due 2026.*Super: SGX has granted an extension for the release of its 3Q16 results up till 5 Dec.
*Ley Choon: Secured a contract worth $2.7m from PUB for the supply and laying of watermains.
*Joyas: Due to the expectation for weak sales in metal gifts and jewellery, group intends to scale down the businesses, which would incur restructuring costs and inventory disposal losses.