Spore market: may begin the new trading year with a positive open, taking cue from regional markets. Kospi is up 1.5% at 8.17am, Australia is up 0.9%. Japan is closed today.
Better than expected Dec PMI of various countries (China in particular crossed the 50 mark, which indicates expansion), may help offset the US decline on Friday.
Spore released 4Q GDP data today, which showed a contraction of 4.9% qoq, less than consensus estimates of a 5.5% decline.
Nevertheless, any rally may be limited, as concerns about European debt continue to loom.
Technically, the near term trend for the STI is negative, with RSI below neutral and dipping down. A negative crossover in the MACD would confirm the trend.
See resistance at ~2670 (near 30 Dec high), support at 2600.
In corporate news,
* Property stocks: in focus after the Spore govt said the pace of private-home price growth eased further in 4Q.
* CMA: may draw attention after saying it will offer up to $400m in 10-year callable step-up bonds
* Banks: showed sustained strong loan growth in Nov, with Domestic banking units loan growth robust at 30.5% yoy.
* Mewah: plans to invest about US$145 m in a crude palm oil refinery, packing plant, and related facilities in Indonesia.
* Oniontech: announces private placement, rights issue with free detachable warrants, and partial disposal of a Korean entity.
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