Friday, January 27, 2012

SG Market

SG Market: Spore shares are likely to consolidate recent gains amid conflicting cues from the US and Europe while regional markets opened mixed. The local market could be headed for a subdued day after US markets retreated overnight as the fizz from the Fed's monetary accommodation announcement went flat but Asian markets could take some comfort from strong performances put in across Europe last night.

The STI is tipped to trade within a 2790-2960 range, with the index poised to head towards 2960 if it breaks immediate resistance at 2910. Keppel Corp will get a little boost from its record 4Q and 2011 earnings but much of the good news may have been priced in after the stock's 15.7% rise year-to-date. Shipping stocks may be in focus after Indonesia-based tanker company Berlian Laju Tanker disclosed it will cease debt payments after breaching a loan facility's covenants. Meantime, MIT and First Reit results were ahead of forecasts while UFS announced a $1.5b reverse takeover deal to acquire a coal mining company.

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