SG Market: Spore shares may rise on the back of strong momentum & funds inflow over the past week, although technical indicators RSI & Stochastics are grossly overbought & a consolidation is overdue. The STI is already up 8 sessions in a row as it breaks past the 3180 resistance. It would be difficult for the index to penetrate heavy resistance at 3,220 this time round. Support is pegged at 3,180, then 3,120.
On the corporate front:
*City Dev has formed a 50.1/49.9 JV with Malaysia’s IOI Corp to undertake the South Beach project & is in the process of securing a new $1.6b financing facility.
*Jasper Investments: Signs LOI with AGR Peak Well Mgmt to deploy its drillship.
*Saizen Reit may get positive rating upgrade after clearing defaulted debt
*AusGrp explores secondary listing on ASX after completion of pte placement of 64.3m new shares at $0.306.
*Advanced Sys auditors cast doubts on co's ability to continue as going concern. As at Dec 10, co is in net shareholders’ deficit position of $14.9m & current liab exceeded current assets by $20m.
*ASTI auditors draw emphasis to shareholder loans to associated co of $27.5m. Recoverability of loans will be dependent on AdvSys ability to generate cashflows & completion of rights issue.
*Aztech expects to post a loss for 1Q11 results due to an impairment of vessels after failing to secure a major material supply contract.
*MLT divested 2 properties & will record a net disposal gain of $2.1m.
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