Tuesday, February 22, 2011

SG Market

SG Market: Spore shares expected to react negatively to over 1% declines across European bourses & weaker opening in Tokyo (-1.3%) & Seoul (-1.5%) as growing unrest in Persian Gulf spreads to North Africa & send oil prices soaring & investors fleeing. DJ Futures are trading almost 100 pts off.

Among Spore listed firms with exposure to Libya - Hyflux has yet to build a $100m desalination plant in Tobruk (one of the cities hit by violence) with MoAs for another 2 bigger water contracts & Boustead is suspending operations on its 35% JV Al Marj township project.

Nervous sentiment plus follow-through selling likely to overshadow deluge of results from Yangzijiang, Capitaland, Straits Asia, Hi-P, Hotel Props, Wheelock, CSE Global, Hiap Hoe, Husan Hsin with some exceeding estimates due to divestment gains. Watch the key 2040 support on the STI.

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