SG Market: Spore shares are likely to continue its recovery pattern following Wall Street gains as investors regained some confidence that the latest moves by ECB would help ease some pressure on European banks and help contain the crisis. The benchmark STI closed 2.9% higher at 2603.12, snapping a 4-session, 6.6% losing run with 2650 likely to be its next upside target.
The offshore sector is likely to be in spotlight after recent heavy losses, following further gains in oil prices and Keppel Corp may lead the pack after bagging a US$245m contract from Ensco to build a harsh environment jackup rig, its 24th jack-up rig order win this year.
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