SG Market: Spore shares may be off to sluggish start after mixed Wall Street session. Having reached a new year high of 3068 yday, the STI may now attempt to close out the 3085-3146 breakdown gap formed in Jun 2008; break of 3038 will be nagtive for the market with near term support at 3000 psychological level. After the scintillating rally over the past 2 weeks, we expect both Genting Spore & Genting HK to take a breather.
Ascott Residence REIT may come under slight pressure as the pricing of its huge placement came in at the lower end of indicative range. SGX is likely to receive a boost from the impending ADR launch of 19 top Chinese companies next month with DB raising TP to $9.50 from $8.90. On the stock ratings front, Nomura initiated a Buy on Straits Asia with TP of $2.80, Phillips initiated Buy on Sunvic with TP of $0.60.
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