Singapore shares may open higher today after a new year rally in European stocks, but gains may be limited by data showing that the city-state’s fourth quarter GDP contracted an annualised 4.9% from the third quarter, according to Reuters.

The benchmark Straits Times Index fell 0.99% on Friday to 2,646.35 points. The Singapore and US markets were closed on Monday for the new year holiday. Here are some stocks and factors to watch:

Palm oil firm  Mewah International  may be in focus after the company said on Tuesday it plans to invest around US$145 million ($188 million) in a refinery, packing plant and related logistics facilities in East Java, Indonesia. The refinery is expected to have installed capacity of around 630,000 metric tonnes annually, the company said in a statement.

Jet fuel trader  China Aviation Oil  said it had suspended its 2011-2014 collaboration agreement with BP Singapore. Both companies, however, signed new term contracts for 2012.

Keppel Corp, the world’s largest rig builder, said on Friday it had acquired 23,534,019 units in K-REIT Asia at $0.8554 each. After the transaction, Keppel Corp was deemed to hold 77.10% of the total number of issued units in K-REIT Asia, up from 76.88%.

Property developer  CapitaLand  had renewed its lease of offices at Capital Tower in the city-state with CapitaCommercial Trust. The new lease is worth around $7.7 million and the term is from 8 July 2012 to 7 July 2015, with an option to renew for another three years.

Shopping mall developer  CapitaMalls Asia  said on Tuesday it was offering up to $200 million in aggregate principal amount of callable step-up bonds due 2022, which could increase by an additional $200 million.