SG Market: S’pore shares are expected to swing back up on the back of the solid gains on Wall Street as investors cheer the upbeat IMF forecast for global economic growth, the good clutch of earnings reports plus relief over the successful debt auction by fiscally strapped Spain. Expect the STI to reclaim the 3000 mark and head towards the triple top resistance at 3030 with 2970 providing the underlying support.
On the corporate front, SGX, A-Reit and CMT results were broadly in line with estimates. Genting S’pore may see some disappointment after its $500m 2nd perpetual securities offer did not trigger the $200m overallotment option. Qingmei is also in the news after giving a profit warning for its 3Q results.