SG Market: Taking cue from the directionless US market overnight amid a lack of catalysts, the STI could open lacklustre, although market watchers will keep tabs on oil prices amid renewed expectations of a supply glut.
Regional bourses, Tokyo (-0.7%), Seoul (-0.3%), Sydney (-0.2%) opened weaker.
From a chart perspective, the STI may test its overhead resistance at 2,805, with immediate support at 2,755.
Stocks to watch:
*Economy. Following the higher than expected Apr CPI data, majority of economists sees a trough in 2Q, while MAS stood pat on its headline 2016 forecast between -1% and 0%.
*Macro. Bloomberg data shows that STI constituents outperformed developed Asian peers in HK and Japan, on 1Q16 earnings beats.
*DBS/SGX. DBS to tie up with SGX to digitise the application process for security trading accounts, shortening the entire procedure to four days from ten.
*Sarine: A Shanghainese jeweller, Shining House, has adopted its Light Performance and Profile digital solutions for the retailer's newly launched premium cut diamond, the Shining Star.
*Ntegrator International: Lost a suit for THB20.1m ($0.8m) to Telewave Communication in Thailand. Provisions for the claim of THB25.8m ($1m) has already been made in FY15.
*KOP: 4QFY16 net loss narrowed 91% y/y to $1.8m, on the absence of a goodwill write off. Revenue surged 84% to $6.7m, mainly from the completion and handover of Montigo Resorts, Batam. Gross margin expanded to 40.9% (+15.6 ppt). NAV/share at 10.51¢.
*Blumont: 10.7%-owned Kidman Resources confirmed the presence of lithium at its Mt Holland project. Further work will be required to address the full extent of the lithium deposits at the mine.
*LionGold: Will embark on a separation agreement with regards to a 53.9% effective stake in a Konongo gold mine in Ghana, as the company is no longer able to fund the development of the project into production.
*Memstar: After a failed RTO attempt with private natural gas developer, Longmen Group, Memstar is now seeking to recover a US$5m deposit. The company was served a delisting notice by SGX recently with trading in its counters to be suspended from 18 Jun onwards, will have to provide a reasonable shareholders’ exit offer by that date.
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