SG Market: Spore shares are likely to remain soft as sentiment in Wall Street wanes in lacklustre trading & funds withdraw from Asian emerging markets amid inflationary concerns. But there exist pockets of strength & some buying interest in selective counters ahead of corporate results & next week's Spore budget, which is expected to bring more generous tidings this time around.
SingTel shares likely to be supported by better-than-expected 3Q earnings while SGX could be facing pressure from arbitrage trading as prospects of SGX/ASX merger gains impetus amid global wave of consolidation amongst stock exchanges. KepCorp could see renewed interest following news that Ensco has ordered another 2 harsh environment rigs worth US$440m plus another 2 options from the shipyard, providing further evidence that the O&M orders are gaining momentum.
Firm support for STI tipped at 3120 level with 3180 acting as resistance.
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