SG Market: With no lead from the US, investors' focus will likely to be on regional markets' reactions to China's 25 bps interest rate hike on Saturday, 25bps hike in mortgage rates on Sunday. Moody’s downgrade of Vietnam govt bond ratings may also weigh on companies with exposure there, namely Keppel Land, CapitaLand, APB...
AmFraser expects a knee-jerk reaction to China’s move, with the mkt likely to close lower today. STI closed +0.2% at 3144 with gainers overtaking losers 171 to 164 in a shortened session. Support likely at last week's 3121 low while resistance remains at 3167.
Stocks to watch:
* CapitaLand: fraud discovered in its 100% owned Ascott's Msian ops. To commence legal proceedings against employees and external parties to recover RM 33m. Separately, expect weakness given its exposure to China (a fifth of sales) and Vietnam.
* City Dev: this month announced its first land purchase in Chongqing, China.
* F&N: completes corporate and debt restructuring of Frasers Property (UK), raises indirect sh/h from 68% to 100%.
* Mapletree Logistics Trust: acquires industrial warehouse at Loyang, Singapore for $13.8m, used by the aviation and aerospace industry. Deal may be mildly earnings accretive.
* Viking: sold ~1.23m shares, or 35% stake of Marine Accomm for $4.8m.
* Otto Marine: obtained temporary court injunction to restrain customers from making calls on refund guarantees on vessel orders.
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