Spore mkt: likely to play catch up with the US and regional markets, after European leaders expanded a bailout fund and tightened anti-deficit rules, boosting investor demand for riskier assets. Nevertheless, this is but a short term solution, and UK’s decision to reject the new treaty suggests more challenges continue to lie ahead.
In the region, the KOSPI and Nikkei are up 1.2% and 1.4% at 8.14am.
Technically, near term momentum still appears negative with the key indicators currently all tipped downwards. While there might be a gap up this morning, there may be a fade into strength if the index is unable to breach the 2739 level (50day MA). With the index last closed at 2694, next support lies around the 2650 level.
In corporate news,
* Yangzijiang / Cosco: may see sentiment impacted after Daewoo Shipbuilding announced on Friday a cancellation of a 2008 order from a European client worth US$521m (2 VLCCs, 2 bulkers).
* Tiger Air: reports still weak Nov operating data, with no. of passengers carried down 13% yoy to 402k, and load factor at 78% vs 86% yoy.
* F&N: to acquire ownership of a serviced residence property in London’s affluent Kensington area for £42m.
* Armstrong: estimated the loss of profit per quarter arising from recent flooding in Thailand at $2.2m.
* Freight Links: reported 2QFY12 net profit of $7.8m from $952k a yr ago.
* Popular Holdings: reported 2Q12 net profit rose 58% to $4.05m.
* Elektromotive Group: proposed a 1-for-5 rights offer and a share consolidation
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