MARKET UPDATES :
- The Taiwan Stock Exchange will kick off cross trading with the Singapore and the Tokyo stock exchanges next year, the Taipei bourse's president said on Wednesday, in a bid to bolster its position after launch of the Shanghai-Hong Kong trading link. The Taiwan Stock Exchange (TWSE) and the Singapore Stock Exchange (SGX) will be ready to allow their investors to trade stocks on both bourses in July 2015, TWSE president Michael Lin told Reuters.
- GLOBAL mutual funds were net buyers of Singapore stocks in the three months to Dec 3. Based on the top five transacted stocks, net buys totalled S$1.77 billion, compared to net sells of S$684 million.
- Singapore Exchange Ltd had to take the rare step on Tuesday of issuing an announcement about unusual trading activity in its own shares. The bourse noted that more than 8 million of its shares had changed hands during the day, more than four times the 200-day daily average of 1.5 million. Its share price climbed 3.4 per cent to close at S$7.60, its highest since August 2013.
- SapuraKencana Petroleum Bhd has awarded eight contracts collectively worth RM1.58 billion(~US$459 million). Three contracts are within the FHUC division worth US$206mn (includes an EPCC of Baronia and Tukau wellhead platforms offshore Sarawak, provision of brownfield works, PCC of the Angsi compression module). Three contracts are within the OCSS division worth US$151mn (includes provision of T&I for Tembikai's CPP, provision of buoyancy tanks and EPCIC of a wellhead platform and lower compression platform in Myanmar). Two contracts are within the Drilling division worth US$102mn.
- Keppel Land - Fruits not fully borne via ongoing portfolio fine - tuning; assuming coverage with a Neutral rating - : The group has actively redeployed capital to its core markets in 2014, and we expect this to continue into 2015, given its low gearing of 37%. But with the majority of its offices divested, KPLD has increased exposure to the more volatile residential segment, where demand is modest at best in Singapore and China.
- City Developments - Limited near - term catalysts unless measures are withdrawn; assuming coverage with Neutral rating-: While CIT continues to do well in the current property downcycle, it is not immune to a subdued price and volume outlook. South Beach Tower's increased pre - commitmen t is encouraging, though more asset recycling could take place to fund its overseas expansion. With limited nearterm catalysts, we think the stock will trade sideways unless signs emerge on any possible withdrawal or tweaking of existing cooling measures.
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