SG Market

SG Market: S’pore shares are expected to endure a weak start to the weak, tracking declines on US and European markets after economic data from China disappointed and Spain's borrowing costs soared. China’s widening of the Rmb trading band and the steepening of the SGD currency band are also unlikely to have much of an impact on the local market.

Initial support for the STI is seen around the 2955, followed by 2915 with 3030 likely to remain a strong cap near-term. SPH is likely to be in focus after reporting a 11.6% rise in 2Q net profit, boosted by property gains. Hi-P may also be in the limelight after reversing its 1Q loss guidance to a profit, while STX OSV was awarded 2 contracts to build subsea construction vessels for Siem Offshore. CapitaLand may see some interest after getting solid response to its Sky Habitat condo launch in Bishan despite its equally sky-high pricing, while Sin Heng expects its new Myanmar venture to deliver huge growth.