SG Market: Investors are likely to take risks off the table coming to the end of the week with negative sentiment hovering over the banking sector, weighed by lower anticipated earnings due to the slower pace of Fed hikes.
Regional bourses opened in the red in Tokyo (-1.1%), Seoul (-1%) and Sydney (-1.4%).
From a chart perspective, STI remains in consolidation between the support at 2,760 and upside resistance at 2,840.
Stocks to watch:
*Economy: Government expects global economic uncertainty to weigh on Spore's growth until end of decade, and is ready to provide more help when necessary. Notes Singapore now in paradigm of slower growth and there are significant global rebalancing forces that must work themselves out over the next 3-5 years.
*SingPost: Searching for CEO after chairman-designate Low Teck Seng withdrew from the post. This follows the sudden resignation of previous CEO Wolfgang Baier, who left in Dec '15, in wake of corporate governance issues.
*OUE: Latest marketing campaign for high-end condo project Twin Peaks sees dire pricing, with steep 15% discounts and creative schemes including deferred payments, to offload ~382 units of the total 462 by Feb '17 to avoid paying QC charges.
*SIA Engineering: Signed agreement with French engine distributor Snecma (Safran) to be the authorised on-site support service provider for the LEAP-1A and LEAP-1B aircraft engines in Asia Pacific.
*Tee Int'l: Turned around to 3QFY16 net profit of $0.6m from $0.1m loss a year ago, due to a jump in other operating income to $1.6m (+60% y/y) on higher management fees. Revenue climbed 7.8% to $46.5m on higher contributions from ongoing engineering projects. Bottom line was further buttressed by FX gains of $0.2m (3QFY15: $0.9m loss). NAV/share at $0.195.
*NauticAWT: Obtained approval from German material testing company Material Prufanstalt fur das Bauwesen for its cement products, to be used in onshore wind turbine foundations, making it one of only two cement products that are used by Vestas Wind Systems.
*CEFC Int'l: Entered into non-binding agreement to discuss the potential acquisition of a European oil and gas distributor.
*Trek 2000: Appointed Allen & Gledhill as independent advisor to conduct an inquiry concerning certain interested party transactions.
*Memstar Technology: Terminated its RTO of Longmen Group due to breaches of conditions and is now seeking its deposit of US$5m. Cash company has up to 31 May '16 to seek a new business before delisting under SGX ruling.
*Ascendas REIT: Issued $130m 2.655% notes due 2021, under the $5b multicurrency medium term note programme.
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