The market is likely to drift in a holding pattern as geopolitical worries in Syria and North Korea linger along, with upcoming French polls that hold implications for the future of the Eurozone, before the 1Q17 results season unfold.
Regional markets opened mixed in Tokyo (-0.9%), Seoul (+0.2%) and Sydney (flat).Technically, the STI remains pegged against topside resistance at 3,200, with immediate support at 3,160.
Stocks to watch:
*City Dev: Updated that it has sold 80% (Feb '17: 64%) of the 88 units available for Phase 1 of its 174-unit luxury condominium project Gramercy Park at an ASP of $2,600 psf. Another 11 Phase 2 units were sold at higher ASP of $2,800 psf. The pick-up in sales and pricing reflects improving sentiment in Singapore's housing market. MKE last had a Hold on the developer with TP of $9.80.
*OCBC: Divesting its entire 100% stakes in two entities, Banking Computer Services and BCS Information Systems, to 33% owned Network for Electronic Transfers (NETS) for $38m on a debt-free and cash-free basis. MKE last had a Sell on OCBC with TP of $8.05.
*Oxley: 50% JV Oxley Planetvision Properties is acquiring Flitous Properties and Jemina Properties, which collectively own properties in Cyprus with total area of 96,448 sqm, for €28m ($41.7m), or 8.8% below market valuation.
*Kingboard Copper Foil: The privatisation offer of $0.40/share has been extended to 1 May, 5.30pm from 17 Apr. As at last update, parent company Kingboard Chemical has obtained 68.5% control.
*Sysma: Secured a $6m contract to build a two-storey detached house with a basement and swimming pool along Gallop Road. Construction will take 15 months commencing May '17.
*Imperium Crown: Received a letter of intent from a third party to acquire its Green Forest Itabashi and Hatchobori Place properties for at least ¥3.05b ($38.6m). In total, it has received LOIs for its entire Japanese portfolio for a total sale price of $80.4m. It intends to use the sale proceeds to invest in growth markets in Australia and China.
*Tritech: Awarded a 5-year minimum off-take contract at an undisclosed fee, for the operation and maintenance for a municipal solid waste landfill leachate treatment plant in Anyue Country of Sichuan Province, China.
*Alliance Mineral: Harbour Asia Opportunity Fund ceased to be a substantial shareholder after it sold 7.2m shares at $0.36 apiece on 7 Apr, paring its stake from 5% to 3.5%.
*TA Corp: Proposed 1-for-4 warrant issue at 0.3¢ apiece, exercisable at $0.28 within five years from the issue date.
*SIA: Issued $700m 3.035% notes due 2025 under its $5b multicurrency medium-term note programme.
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