Singapore Stocks-May rise after US gains; GMG in focus
SINGAPORE, Oct 27 (Reuters) - Singapore shares are likely to rise on Thursday following gains on Wall Street overnight, helped by some progress in Europe to resolve its sovereign debt problems.
Rubber firm GMG Global may be in focus after it said it plans to raise S$349.4 million ($273.7 million) through a rights issue of 3.84 billion new shares at S$0.091 each. Shareholders will be offered one rights share for every one ordinary share held.
Bare-bones EU debt deal news enough for buyers; Bonds fall as euro zone progress hurts safety bid; Euro hangs tough as Europe hammers out deal; Gold rises 1 pct on uncertainty over EU summit; Oil falls as U.S. crude stocks rise [O/R]
Stocks and factors to watch:
-- SATS LTD - Singapore food and aircraft ground handling firm SATS said on Tuesday it has sold Daniels Group, its non-aviation food business in Britain for as much as 164 million pounds ($262 million).
-- MAPLETREE INDUSTRIAL TRUST - which owns industrial assets, said its distribution per unit for July-September was 2.05 Singapore cents, which exceeded its forecast by 10.8 percent.
Its earnings were driven by positive rental revisions and contributions from newly acquired factories in Singapore.
-- CHINA DAIRY - said on Tuesday that a unit of Fraser and Neave , one of its large shareholders, is in talks to sell its 29.5 percent stake in the firm to potential buyers.
-- SEMBCORP INDUSTRIES LTD - said on Tuesday it will be part of a consortium that will develop 715 hectares of land near the the Chinese city of Nanjing.
-- SINGAPORE AIRLINES LTD - the world's second-largest airline by market value, will unveil the name of its new low-cost carrier and some of the destinations it will fly to on November 1, the company said on Tuesday.
- Straits Times Index rose 0.33 percent on Tuesday to 2,769.94 points.
- The Dow Jones industrial average gained 1.39 percent to 11,869.04. The Standard & Poor's 500 Index climbed 1.05 percent to 1,242.00. The Nasdaq Composite Index rose 2,650.67.
