Monday, July 25, 2011
SG Market: Spore shares are likely to open cautious, consolidating its strong gains last week ahead of the US debt deadline. The benchmark STI chalked a weekly gain of 3.2% at 3182, marking 4 straight sessions of gains. The climb was significant as the index has broken out of the huge triangle formed since Nov last year, suggesting further upside. However, some caution can be expected with US stock index futures still significantly down at the moment (DJIA futures 114 points lower), which would dampen sentiment. Correction is unlikely to be steep with 3150 now providing support. SingTel may be in focus after it injects infrastructure assets worth $1.89b into NetLink Trust, which will be run by a unit of CitySpring Infrastructure Trust.