Singapore stocks, led by financials, are likely to face selling pressure after a downgrade of Spain’s credit rating renewed fears that the euro zone’s debt problems could dent a global economic recovery.

The benchmark Straits Times Index rose 1.6% to 2,739.70 points on Thursday. The market was closed on Friday for a public holiday.

Healthcare firm Parkway Holdings will be in focus after an Indian newspaper reported that India’s Fortis Healthcare is considering launching a counter-offer for the Singapore-based firm. Parkway shares will be lifted from suspension on Monday for the first time after Malaysian wealth fund Khazanah launched an US$835 million bid for control of Parkway on Thursday, potentially pitting it against Fortis.

Wilmar announced that its subsidiary, Wilmar Africa has informed Benso Oil Palm Plantation (BOPP) of its intention to make an offer to acquire at least 58.45% of the entire issued share capital of BOP in Ghana.

Singapore Airlines’ unit Singapore Airlines Cargo said it is disappointed by the South Korean Fair Trade Commission’s decision in an airfreight case and may mount an appeal.

Chasen Holdings says net profit for the full year ended 31 March 2010 (FY2010) soared by 67% to reach $6.47 million compared to $3.87 million for the corresponding period last year. Group revenue increased by 35% from $54.94 million last year to $74.19 million.

Sarin Technologies, the developer, manufacturer and retailer of precision technology products for the evaluation of diamonds and gems, says Bhavani Gems, the leading Indian diamond manufacturer, exporter and sightholder of both DeBeers DTC and BHP Billiton, has taken delivery of the first Quazer II laser system for sawing and shaping diamonds.

King Wan Corporation, the integrated building services company, today reported a net profit after tax of $9.5 million for the year ended 31 March 2010, up 81% from the $5.2 million it made in the preceding year ended 31 March 2009, on the back of record revenue of $70.5 million, an increase of 58% from $44.7 million previously.

Informatics Education, the education and training service provider in Asia, says net profit fell 9% to $4 million for the financial year ended 31 March 2010 (FY2010) from $4.4 million last year (FY2009). The group also recorded a 10% fall in revenue of $39.2 million compared to $43.6 million the previous year led by the continuing consolidation and streamlining in operations.