Stocks to watch: First Sponsor, Mencast, Chiwayland

WITH the quarterly earnings reporting season largely over, all eyes are on the US Federal Reserve chairman's speech this week, which will likely set the tone for the US dollar and in turn oil prices.

Some of the stocks to watch on Monday are:

First Sponsor Group: It has tied up with China Vanke and Regent Land Investment Holdings in developing the group's mixed-use project in Dongguan in Guangdong province. The group said on Monday it had on Aug 19 entered into a share subscription agreement and assignment agreement with subsidiaries of China Vanke and Regent Land for the collaboration.

First Sponsor will retain a significant 30 per cent stake in the project, while Vanke and Regent Land will end up with 55 per cent and 15 per cent interests respectively. First Sponsor's net gain from the transaction is expected to be about S$95.3 million.Click Here To Register For Free Trial Services OR Give A Missed Call : +6531581402 Follow Us On Twitter : www.twitter.com/epicresearchsg Like Us On Facebook : www.facebook.com/EpicResearchSingapore Need Any Assistance Feel Free To Mail Us at : info@epicresearch.sg

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Singapore shares close lower on weak Wall Street, soft oil and Swiber's woes

THE global post-Brexit rally appears to be fast running out of puff - on Tuesday, the Dow Jones Industrial Average which set several all-time highs last month, fell for the seventh consecutive session, no doubt a factor behind the Straits Times Index's (STI) 29.09 points loss on Wednesday at 2,827.58.
From June 27, two trading days after Britain voted to leave the European Union, the STI had jumped from 2,729 to 2,945 on July 20, a gain of 216 points or almost 8 per cent in less than a month.

That rally has widely been attributed to faith in the Bank of England and Bank of Japan providing liquidity support for their economies via their markets, and on the US Federal Reserve delaying raising US interest rates.

Since then, a combination of weak oil, a loss of confidence in the potency of central bank action and locally, the shock bankruptcy of offshore and marine (O&M) company Swiber Holdings have taken 118 points or 4 per cent off the index, dragging it 1.9 per cent into the red for the year so far.Also contributing to Wednesday's softness was a steep slide in Hong Kong where the market played catch-up after being closed on Tuesday because of a typhoon, and a weak day for the Dow futures that raised the possibility that the US benchmark could fall for an eighth straight day on Wednesday.

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Samsung Market News Update : Epic Research Singapore

Samsung Electronics Co. said it would repurchase $2 billion worth of its shares, its first buyback in seven years, as it deploys a part of its hefty cash reserve to shore up its flagging share price.

In a regulatory filing after the close of trading Wednesday, Samsung said it was returning the cash to improve shareholder returns and stabilize its stock price, which is down 12% so far this year.

The buyback announcement comes after a number of high-profile stockholders and analysts have publicly called for improved shareholder returns. Samsung’s dividend yield, which measures a company’s annual dividend in relation to its share price, is around 1.2% — about half that of peers such as Intel Corp. INTC, +1.60%  and Taiwan Semiconductor Manufacturing Co. 2330, +1.08% TSM, +1.18%  

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