SG Market: Spore shares may open with a positive bias but gains are likely to be capped by 3rd interest rate hike in China since Oct 10. Topside for the STI is now pegged at the psychological 3200 followed by stiffer resistance at 3240 while immediate downside is at 3180 with base support at 3120.
Market may digest news of SCI’s bid for Oman’s 2000MW greenfield independent power project, its 2nd in Oman & 3rd in Mid-East but stock is unlikely to react much due to long gestation period of the project. Investors may be more positive over project wins by OKP & UtdEnv/Memstar & encouraging guidance by Santak. Expect commodity & property stocks to remain range-bound following the 2nd interest rate hike in China in 6 wks.
Banks with China exposure may benefit from higher net interest margins.
Stock ratings changes:
*Starhill Global reiterated as O/PF at Daiwa with target price raised to $0.74 from $0.70
*SATS downgraded to Hold from Buy at BNP with target price cut to $2.62 from $3.23
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