SG Market: The market could march higher on positive momentum after Wall Street scored another day of big gains on the oil price upswing and waning Brexit fears.
Regional bourses in Tokyo (+1.3%), Seoul (+0.3%), and Sydney (+1.4%) opened stronger.
From a chart perspective, STI is pushing against a bunch of resistance at the 2,790-2,820 range.
Stocks to watch:
*Economy: Moody's has shaved Singapore's 2016 GDP growth forecast to 1.6% from 1.8% on lacklustre global trade and its close economic ties to China's stuttering economy. In addition, a slowdown in retail and lowered private sector consumption are dragging overall growth.
*OCBC: 87.6% owned Great Eastern's capital adequacy ratio is expected to suffer in the short term due to the prolonged volatility in the equity markets, further exacerbated by UK's decision to leave the EU.
*UOB: Suspends its London property loans in the wake of the Brexit vote, which raised concerns over UK property values after the pound plunged.
*Civmec: Secured several new contracts worth A$50m for major infrastructure projects across New South Wales, Australia, including the supply of precast and site concrete works for Sydney's Northwest Rail Link.
*Second Chance: 3QFY16 net profit slumped 29% y/y to $6.8m, due to an absence of disposal gains from financial assets (3QFY15: $2.5m). Revenue slipped 8.9% to $26.9m, dragged by apparel (-22%), properties (-6.5%), and securities (-17.7%), but partially mitigated by the gold segment (+2.7%). Gross margin contracted 2.3ppt to 54.8% on the change in sales mix. NAV/share stood at $0.337.
*Geo Energy: Divesting its mining and coal haulage services business to PT Autumn Bara Sejahtera for US$10m and expects to book a disposal gain of US$2.8m. The disposal is estimated to generate annual cost-savings of US$10.8m.
*Vibrant: Proposed to dispose its entire 31% stake in office property at 139 Cecil Street for $75m.
*LHN: 50:50 JVCo has exercised an option to purchase a car park property at Golden Mile Tower for $26m.
*China Merchants Pacific: Exit offer of $1.02/share has been declared unconditional, after the offeror received valid acceptances of 96.9% of the maximum potential issued share capital. Closing date for the offer is on 11 Jul.
*Eu Yan Sang: Privatisation offer of $0.60/share has turned unconditional, after the offeror has obtained 63.2% of total issued shares. Closing date of the offer is extended to 18 Jul.
*MGCCT: CFO Jean Low Su-Im will step down on 19 Aug; Lawrence Ng Tzu Ann, VP of Finance will cover her role until a new permanent CFO is appointed.
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