Singapore market is likely to face more selling pressure today, following Wall Street’s bloodbath on Fri on a mountain of worries over global growth prospects, as well as weak Dec NODX (-7.2%).
Investors will also take cue from 4Q15 earnings season, with Keppel Corp reporting on 21 Jan, the D-day for Sete Brasil.
For the week, investors will be anticipating the 4Q15 preliminary China GDP and retail sales figure for Dec to be released tomorrow. Meanwhile, focus will be on US crude inventories data on Wed, which is likely to give an indication on the direction for oil prices.
Regional bourses opened in negative territory this morning, with Tokyo (-2.5%), Seoul (-0.7%) and Sydney (-0.8%).
From a chart perspective, STI is likely to see some support at the 2011 low at 2,600, followed by 2,520. Upside resistance is at the 2,740 region.
Stocks to watch
*Economy: Singapore NODX for Dec contracted more than expected by 7.2%, hurt by a sharp decline in non-electronic exports. This compares with estimates for a 5.1% decline after a 3.4% drop in Nov.
*Keppel REIT: Divesting 77 King Street office tower for A$160m ($158m), or 27% above last valuation of A$126m, and expected to book a divestment gain of A$28m. Sale will improve proforma FY14 leverage to 42.1% from 43.3% and shave 1.8% off its DPU.
*SIA: Dec passenger load factor rose 0.3ppts y/y to 82.3%, on higher passenger traffic of 2.1%, against a 1.7% expansion in capacity. Load factor for all regions improved amid healthy year-end demand except Europe. Meanwhile, subsidiaries also had improved load factors, in SilkAir (+0.1ppt to 75.1%), Scoot (+0.3ppt to 86%) and Tigerair (+0.1ppt to 86.2%). Overall cargo load factor rose 0.5ppt to 63.4% as cargo traffic (+8.9%) outpaced capacity growth (+8%).
*Keppel Corp/ BreakTalk. Keppel Corp acquired the remaining 22.4% stake in 112 Katong lifestyle mall from BHG, BreadTalk and Perennial Real Estate for $51.4m. Meanwhile, BreadTalk is expected to yield a pretax gain of $8.5m from the sale.
*CapitaLand: Acquired an additional 10% stake in an 80:20 Vietnamese JV for US$4.7m ($6.6m). The JV holds a completed mixed-use development in Ho Chi Minh City known as The Vista, comprising 750 residential units (>90% sold), 350,000 sqm of commercial components and 100 Somerset serviced apartments.
*ISEC Healthcare: MOU with Vietnamese firm Hai Yen Group and Dr Yen to establish a 51:49 JV to operate and administer various eye-related specialist clinics in Vietnam.
*CEFC: Won a tender bid to supply diesel to French fuel distribuor Dyneff SAS for a year.
*Advanced Integrated Manufacturing: Acquired a minimart in Whampoa for $0.22m.
*MMP Resources: Issued 26.5m new shares at 0.98¢ apiece to ISR Capital, for repayment of outstanding rent debt and advance rent payment.
*Ryobi Kiso: Terminated arbitration proceedings with Lum Chang, in relation to subcontracting works for Downtown Line stage 2.
*Koyo International: SGX issued a trade caution on the counter, amid a spike in trading volume due to trades between a small group of individuals.
*Xpress: Profit warning for 2QFY16 amid ongoing challenges in China.
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