SG Market: Spore shares are expected to continue its downward path following the weak lead from Wall Street as hopes for a QE3 diminish following a disappointing Fed statement. With a dearth of corporate news flow, the STI is likely to pull back and find support at the 2640 level with overhead resistance at 2720.
Hyflux will face some selling pressure after Nomura downgrades the stock to Neutral and cut its price target to $1 on poor 3Q earnings and lack of new EPC orders. Fitch also downgraded Berlian Laju Tanker debt ratings to 'CCC' from 'B-', citing heightened liquidity risk as it has yet to secure refinancing for the Rp1,153b (US$27.4m) domestic bonds that are maturing in May and Jul 2012.
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