SINGAPORE STOCKS OPENED 0.1 PER CENT LOWER

Singapore stocks opened 0.1 percent lower on Wednesday, with the Straits Times Index dropping 2.14 points to 3,217.39 as at 9. 01 am.

About 32.5 million shares worth S$40 million in total changed hands, which worked out to an average unit price of S$1.23 per share.

The most actively traded counter was DISA, which traded unchanged at S$0.012 with 7.2 million shares changing hands. Other actives included Golden Agri-Res and Thai Bev.

Losers outnumbered gainers 84 to 34, or about five down for every two up.

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STOCK PICKS FOR DAY TRADING IN SINGAPORE SGX MARKET

The following stocks have announced corporate developments:

Keppel Corp units Keppel Land China and Alpha Investment Partners have tied up with a co-investor to acquire an office and retail mixed-used development, SOHO Hongkou in Shanghai, China, for some US$525 million.

Noble Group said that it has sold three warehousing subsidiaries for US$4.7 million. Separately, Fitch Ratings downgraded the firm's credit ratings further into junk territory.

Oxley Holdings has priced an upcoming series of US$55 million bonds due 2021 at 6.375 per cent.

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DAILY SGX MARKET BRIEFING: NOBLE UP 16.5%

Beleaguered commodities trader Noble Group was hotly traded on Friday, rising 16.5 per cent to S$0.53 on 11.4 million shares traded by 9.09am.

This was after it said on Thursday that an Arab-linked group is now a substantial shareholder of the firm.

Goldilocks Investment Company had bought 50.5 million shares in the firm, boosting its stake in Noble from 1.18 per cent to 5.03 per cent.

Goldilocks has an investment management agreement with ADCM Altus Investment Management, which authorises it to act on Noble's behalf in acquiring and disposing of the company's shares. 

ADCM Altus is an indirect subsidiary of the privately owned Abu Dhabi Financial Group.

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The following stocks had announcements or developments that may influence trading on Thursday.

United Overseas Bank: United Industrial Corp (UIC), UOL Group and Haw Par Corp, the three property companies that are substantially owned by veteran banker Wee Cho Yaw, called for a trading halt on Wednesday, resurfacing speculation of the potential privatisation of UIC. With the trading halt of these stocks and talk that Mr Wee, chairman of UOB, is about to consolidate his companies, UOB stock is a must-watch.

Singapore Airlines (SIA): The airline has re-clinched the No 2 position in the Skytrax World Airline Awards rankings, according to an announcement on the World Airline Awards website. In addition to taking the coveted second best ranking, SIA was also awarded Best Airline in Asia, Best Business Class Airline Seat, and Best Premium Economy Onboard Catering.

Cambridge Industrial Trust (CIT): Cambridge Industrial Trust Management Limited and Cambridge Industrial Trust will change their names to ESR Funds Management (S) Limited and ESR-REIT, respectively, from Friday. This is to signify the importance of the Reit as part of the e-Shang Redwood Group's (ESR) business activities. e-Shang Infinity Cayman Limited, a subsidiary of ESR, bought the aggregate 80 per cent indirect interest in CIT Management from nabInvest Capital Partners Pte Ltd and CREIM Limited in January.

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The following stocks had announcements or developments that may influence trading on Wednesday.

United Overseas Bank: United Overseas Bank (UOB) has deepened its support of Chinese companies expanding through the Belt and Road initiative by signing two memoranda of understanding (MOUs) on Sunday. The first agreement was signed with the Chinese Chamber of International Commerce (CCOIC), China's national business association, while the second was with the Qingjian Group, the largest construction conglomerate in Shandong province. The two contracts will build on the bank's existing efforts in facilitating Chinese business investment in South-east Asia.

BreadTalk: There is a change in leadership at multinational food and beverage corporation BreadTalk. It has appointed Henry Chu as its group chief executive officer (CEO). He takes over on July 1 from Oh Eng Lock, who will be stepping down on June 30. The move is in line with the group's leadership renewal process, BreadTalk said. Mr Chu, who has 20 years of experience in food and beverage (F&B) and retail in Singapore and the region, rejoined BreadTalk as group managing director last October.

Nam Cheong: A unit of offshore marine group Nam Cheong was issued a writ of summons and statement of claims by OCBC Bank in the High Court of Labuan in Malaysia on Monday. The firm owes OCBC over US$10 million and the bank is claiming against the subsidiary as borrower under a credit facility granted by it, and against Nam Cheong as guarantor of the loan.

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STOCK PICKS TO WATCH FOR INVESTING TODAY

The following stocks had announcements or developments that may influence trading on Tuesday.

Property stocks: Singapore property stocks are set for their best annual performance in five years, and strategists believe the rally is far from over. With an expected pickup in real estate following the easing of housing curbs, developers are seen to be the bright spot in Singapore equities. Already property stocks including City Developments and UOL Group are driving gains in Singapore stocks, with developers and property trusts making up half of the 10 best-performing stocks on the Straits Times Index.

ST Engineering: A Germany-based joint venture between ST Aerospace and Airbus Elbe Flugzeugwerke (EFW) announced on Monday that a global brand in the logistics industry, DHL Express, has ordered an additional four firm and 10 optional A330-300 passenger-to-freighter (P2F) conversions. And to take on the expanded conversion programme for DHL Express, ST Engineering's aerospace arm's global network of facilities will also be utilised for some of the conversions to ensure on-time redeliveries.

AsiaPhos: Phosphate-mining firm AsiaPhos Limited is carrying out internal restructuring, which will involve the assets, operations and activities of its subsidiaries in Singapore, Hong Kong and China. The revamp will facilitate the reorganisation, streamlining and expansion of the group's downstream business segment, comprising the production and sale of phosphorous and phosphate-based chemicals.

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STOCK TIPS FOR INVESTORS AND TRADERS

The following stocks had announcements or developments that may influence trading on Friday.

Hiap Hoe: Property company Hiap Hoe on Friday announced that it has signed a sale and purchase agreement to buy Holiday Inn Express in Trafford City, Mercury Way, Manchester, from Topland (No. 18), Mill Lane Estates, and Marick Capital. The purchase price of £26.3 million (S$46.2 million) will be fully funded through a combination of internal resources and debt.

Singapore Reits: These rate-sensitive instruments bear watching after the US Federal Reserve on Thursday morning raised interest rates to the 1-1.25 per cent range.

Singapore Airlines: The merger between Scoot and Tigerair is slated for completion on July 25, after which Tigerair flights will operate under the Scoot banner. Efforts to merge the two budget carriers - which are both owned by Singapore Airlines (SIA) - kicked off in May 2016, after the parent airline announced that the two low-cost carriers would be parked under a single holding company known as Budget Aviation Holdings.

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