Singapore stocks to open lower as Greece looks likely to default

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SINGAPORE (June 30): Singapore stocks are expected to open lower this morning as Greece veered toward a default on its debt.

Greece will not pay a 1.6 billon euro loan installment due the International Monetary Fund on Tuesday, a Greek government official told Reuters, and the European Central Bank froze funding to Greek banks, forcing Athens to shut them for a week to prevent them from collapsing.

US stocks added to a global selloff on Monday. The Dow Jones industrial average fell 350.33 points, or 1.95%, to 17,596.35, the S&P 500 lost 43.85 points, or 2.09%, to 2,057.64 and the Nasdaq Composite dropped 122.04 points, or 2.4%, to 4,958.47.

Here are some stocks and factors that could move the market this morning:

The manager of IREIT Global, which invests in a portfolio of office real properties in Europe, has agreed to acquire a property in Berlin for 144.2 million euros ($217.7 million).

It is planning to raise gross proceeds of $88.7 million through a renounceable rights issue of 189.6 million new units at 46.8 cents.

IREIT closed 0.5 cent higher at 80.5 cents yesterday.

OUE Commerical REIT is planning to issue some 393.3 million new units in the rights issue to help fund its proposed acquisition of an indirect interest in One Raffles Place from sponsor OUE Limited.

Unitholders of OUE C-REIT will be able to subscribe to nine new units at 55.5 cents each for every 20 units held.

OUE C-REIT closed 81 cents yesterday.

ARA Trust Management (Suntec), the manager of Suntec REIT, has agreed to sell Park Mall for $411.8 million.

In conjunction with the divestment, Park Mall Investment, a joint venture company of which Suntec REIT has a 30% interest, has been set up to redevelop Park Mall into a commercial development comprising two office blocks with an ancillary retail component.

Suntec REIT closed at $1.71 yesterday.

Del Monte Pacific, the producer and distributor of food and beverage products, posted a net loss of US$14.1 million ($19.03 million) in its fourth quarter ended April 30.

Del Monte Pacific closed 1.5 cents lower at 34 cents today.

XMH Holdings, the diesel engine, propulsion and power generating solution provider, closed 4Q15 with a net profit of $0.6 million compared to a loss of $1.7 million a year ago despite a challenging business environment.

XMH closed at 19.5 cents yesterday.

Novo Group, the steel trader and tinplate manufacturer and processor, saw its 4Q losses widen to US$11.3 million ($15.2 million) from US$6.5 million a year ago as revenue dropped nearly 70% to US$22.3 million.

For the full year ended April, losses widened to US$20.6 million from US$13.2 million as revenue fell 8.8% to US$249 million.

Novo last closed at 29 cents.