Singapore stocksset to fall on US downgrade; SMRT in focus

Singapore shares were set to fall on Monday over fears of a global economic recession grew after Standard & Poor’s downgraded the United States’ top-tier credit rating.

Singapore’s benchmark Straits Times Index <.FTSTI> fell 3.61% on Friday to 2,994.78 points.

Here are some stocks and factors to watch:
Transport operators SMRT (SMRT.SI) and ComfortDelgro (CMDG.SI) may be in focus after Singapore’s Public Transport Council allowed a fare increase of 1% -- far less than the 2.8% sought by the two operators.

Singapore’s Keppel Corp (KPLM.SI), the world’s largest oil rig builder, said on Friday it has secured a repeat order from Transocean (RIG.N) (RIGN.VX) to build a jack-up rig worth US$195 million ($237 million).

Singapore’s Global Logistic Properties (GLPL.SI) said on Sunday it had started construction of new logistic facilities with a gross floor area of around 128,000 square metres at GLP Park Beijing Capital Airport in China.

Singapore abalone breeder Oceanus (OCGL.SI) said on Sunday it is expected to record a loss for its second quarter ended June 30, compared with a profit a year earlier, largely due to losses from a fair value change of biological assets and delayed sales.(The Edge Singapore)