SG Market: Spore shares may rise on open following Wall Street’s positive close but may struggle to hold onto gains amid continuing worries over the European debt crisis. Investors are likely to turn cautious after Moody’s cut the debt ratings of 6 European countries and placed negative outlook on UK, France and Italy.
Latest corporate results are a mixed bag. CapitaLand may be in focus after reporting a 20% drop in 4Q11 net profit to $476.6m although this top the $193m due to fair-value gains and gives a cautious outlook. Wing Tai posted a better-than-expected 4Q results with net profit up 46% and NAV rising to $2.47. ComfortDelgro 4Q results was relatively in line with expectations. Technics O&G did well, posting a 31% jump in quaterly profits. But Amtek, Pan Hong, Rickmers, KSH and Sim Lian all reported poorer results with significant declines in earnings.
Expect STI to continue ranging within 2910-3000 band.
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