SINGAPORE, Nov 2 (Reuters) - Singapore Telecommunications
(STEL.SI), Southeast Asia's largest telco company, will be in
the spotlight on Monday after announcing it will raise its
stake in India's Bharti Airtel (BRTI.BO) to 31.95 percent.
The Dow industrials suffered its worst slide since July on
Friday on concerns the economic recovery won't be robust enough
to sustain the seven-month stock rally, while financials sank
on renewed worries about Citigroup's balance sheet.
----------------------MARKET SNAPSHOT @ 2355 GMT ------------
INSTRUMENT LAST PCT CHG NET CHG
S&P 500 .SPX 1036.19 -2.81% -29.920
USD/JPY JPY= 89.76 0.1% 0.090
10-YR US TSY YLD US10YT=RR 3.3884 -- 0.000
SPOT GOLD XAU= 1042.45 -0.19% -1.950
US CRUDE CLc1 76.63 -0.48% -0.370
DOW JONES .DJI 9712.73 -2.51% -249.85
ASIA ADRS .BKAS 118.89 -3.33% -4.10
-------------------------------------------------------------
> Wall St tumbles on recovery jitters, financials [.N]
> Dollar, yen rally on shift to safe haven [USD/]
> Bonds climbs as economic worry sparks safety bid [US/]
> Gold drops amid sharp equities sell-off [GOL/]
> Oil falls more than 3 percent on economic worries [O/R]
Stocks and factors to watch:
-- SINGAPORE TELECOMMUNICATIONS (STEL.SI)
- Singapore Telecommunications (SingTel) (STEL.SI) said it
has agreed to raise its effective stake in India's mobile phone
operator Bharti Airtel (BRTI.BO) to 31.95 percent from 30.43
percent for an estimated price of between 18,073 million Indian
rupees to 30,084 million Indian rupees ($641.3 million).
[ID:nSIN142598]
- Deutsche Bank said the transaction was sensible from
strategic perspective but the value was too small to be
material. The brokerage has a "hold" recommendation on the
company and a target price of S$3.24.
-- CDL HOSPITALITY TRUSTS (CDLT.SI)
- Citigroup raised its target price on CDL Hospitality
Trust to S$1.20 from S$1.11 a share but maintained the "sell"
rating on the stock.
-- SMRT (SMRT.SI)
- UBS raised its target price on Singapore transportation
company SMRT (SMRT.SI) to S$2.15 a share from S$1.99 previously
after the company booked a better-than-expected second quarter
earnings.
- Singapore's benchmark Straits Times Index .FTSTI rose
0.71 percent to 2,651.13 points on Friday.
- Asian stocks are set to fall on Monday after Wall Street
posted its biggest one day slide since July on renewed worries
about recovery. [ID:nWEL397352]
- The Dow Jones Industrial Average .DJI dropped 2.51
percent to 9,712.73 points while the Nasdaq Composite .IXIC
fell 2.5 percent to 2,045.11 points.
(Reporting by Harry Suhartono; Editing by Valerie Lee)
