SG Market: Spore shares are expected to continue its consolidation mode despite the US market tapping cyclical highs on positive economic data as traders may also be wary of taking fresh positions before the weekend. For now, the good news from US has to be weighed against weak data from China following a downward revision in GDP growth forecast, record high trade deficit and warning that the housing market has not cooled down enough. The STI is likely to be supported at the 3000 level while the 3031 year-to-date high offers resistance.
Meiban may be in focus after a $0.40/share privitisation offer. Shipping plays may also rise on reports that Maersk expects to stick with rate-rise and capacity-cut plans.
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