SG Market: Spore shares Singapore's STI are likely to drift on light volume with most investors closing their books as the year-end holidays approach. Nothing has changed in Europe where the worry remains. Concerns are compounded by uncertainty in the Korean peninsula.
With technical indicators entering the oversold territory, the STI may see a shallow bounce near the 2600 support towards the 2640-2650 resistance zone.
On the corporate front, SembMarine landing a US$140m contract is mildly positive, taking its total orders secured this year to some $3.9b. GLP is likely to get support after announcing a JV with China sovereign wealth fund CIC to buy 15 Japanese properties for about US$1.6b. Banks may fall, tracking losses in US counterparts.
Noble may see some interest on reports that China's Yanzhou Coal is in preliminary discussions with its 64.5% owned Australian unit, Gloucester Coal to create a US$8b coal giant by merging their Australian assets. Trading in Gloucester Coal is halted till 22 Dec.
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