SG Market: Sentiment may turn cautious as the market awaits the outcome of the EU finance ministers meeting on Greece. Following the announcement of a reserve requirement ratio cut by China’s central bank and with Greece almost out of the way, the market is in need of fresh catalysts to drive stock prices higher. We see immediate resistance for the STI at the 3030 level, which represents the lowest point of the large breakaway gap set in Aug 11 but 3100 could provide a much sterner test.
On the corporate results front, rubber trader GMG Global reported a 29.4% jump in 4Q net profit on increased sales tonnage and average selling prices; while Broadway posted a 4Q loss of $10.2m vs a $10.2m profit the prev year. In other news, Yangzijiang secures US$206m of orders for 7 vessels to be delivered in 2013-15 and CMA buys the remaining 73.7% stakes in 3 Japanese malls for $194m. Marco Polo withdraws from its proposed Taiwan listing, while Ziwo issues a profit warning for its 4Q results.
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