SG Market: Spores shares may extend recent falls, despite a positive lead from Wall Street, as traders are likely to focus on a slew of earnings results just released. There are growing concerns that Sore's industrial prodn data, due around midday, will show a contraction for Jan and rising oil prices and China's downgrade of its growth expectations may put a damper on overall market sentiment.
If the STI breaches the 20—day moving average at 2960, look to 2950 as the near term support followed by firmer ground at around 2910 level. 3000 is likely to remain a bright-line resistance. Among stocks set to be in focus after earnings results, UOB reported 4Q11 net profit below expectations (due to higher provisions but core internals are improving), while SembMarine 4Q11 results came in above expectations. ST Engrg 4Q results generally in line to above estimates. Cosco 4Q was on the low end of estimates, while Sino Grandness completely missed estimates.
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