SG Market: Spore shares are expected to drift with no clear direction from Wall Street as attention turns to local corporate results in full swing. After yday’s 31-point drop, next support for the STI lies at 2910 with the 20-day moving average now acting as the overhead resistance at 2967.
Sembcorp Industries may rise following good set of FY11 and 4Q results buoyed by its utilities business and strong pipeline of projects, while Golden Agri 4Q earnings came in below consensus estimates due to an inventory build-up. OKP may also draaw interest after bagging a $75m expressway contract (vs 7 public sector projects worth $152m last year), bringing its orderbook to $324m.
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