Singapore shares may stage a slight technical rebound after Wall Street closed higher for the first time in three days, in a light volume session with investors staying on the sidelines as they await for more information on the Greece debt crisis and the Fed’s FOMC meeting.
Regional bourses are trading higher this morning in Tokyo (+0.3%) and Sydney (+0.7%), but lower in Seoul (-0.1%).
From a chart perspective, the STI is capped below the 200-dma at 3,360, with downside support at 3,268.
Stocks to watch:
*Property: Transaction volumes for strata-titled commercial properties continue to hit new lows since the GFC, as easing business activities crimp demand from end-users, while individual investors' borrowing capacities are being capped by lending curbs. 81 caveats were lodged for strata office units between Jan-May'15, a 72.7% y/y drop, and the lowest level since 1H09 when 63 caveats were lodged. In the retail space, 84 caveats (-58.4% y/y) were lodged for strata units.
*REITs: An update by SGX revealed that S’pore’s retail REITs averaged total returns of 13.7% over the past 12 months, with an average distribution yield of 6.1%, led by strong contributions coming from Lippo Malls Indonesia Retail Trust, Frasers Centrepoint Trust, Starhill Global REIT, CapitaLand Retail China Trust and CapitaLand Mall Trust.
*ST Engineering: ST Aerospace secured a 7-year contract worth more than US$100m for aircraft component support with Flybe. ST Aerospace will provide comprehensive component Maintenance-By-the-Hour support for Flybe’s growing fleet of Bombardier Dash 8 Q400 aircraft.
*Keppel Corp: Majority-owned Ocean Mineral Singapore has entered into a 15-year exploration contract for polymetallic nodules at a site within the Clarion-Clipperton Fracture Zone of the Pacific Ocean with the International Seabed Authority.
*Noble: Company has committed $42.9m so far into buying back shares, with the group recently snapping up 12.98m shares @ $0.7087 per share in its third share buyback transaction this month.
*Singapore eDevelopment: Proposed placement of 15m new shares (5.3% current shares issued) at $0.081 each to Fan Ben, the founder of HK-listed Neo-Neon Holdings. Net proceeds of $1.2m is intended for general working capital.
*Sembcorp Marine: Franklin Templeton emerged as a substantial shareholder following the purchase of 890,900 shares at an average price of $2.99, via open market transaction.
*Rex: Jointly-controlled entity Lime Petroleum Norway will be participating in the drilling of Haribo prospect in PL616 in the North Sea, scheduled to start in Jun ‘15.
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