Singapore Markets closed

STI up 0.2%

More gains are likely following positive leads from risk assets.

IG Markets Singapore noted:

Closer to home, Asian bourses enjoyed a productive day of gains yesterday. The STI lifted 0.2% to cement its position above 3200 which it is beginning to look more comfortable with.

More disappointment though on the Fraser & Neave front as TCC extended its deadline for the sixth time without any change in its offer price. The new deadline is now one day after OUE’s 14 January one in a continuation of these schoolyard games between the two rival bidders.

To comply with takeover regulations either party has to table a final bid shortly, so the fun and games aren’t over yet.

Today the futures market points to a 0.3% firmer open for the STI, but given all the positive leads from risk assets overnight it seems likely we could add to these gains after the open.

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