SG Market (28/ 5/ 12)

SG Market: S’pore shares are likely to open mixed with a downward bias following the weak showing on Wall Street last Fri amid concerns of Spanish banks seeking life support. Watch the 2,750 support on the STI with the next level at 2,700. Overhead resistance is at 2,820. Corporate news flow is tight but companies with exposure to Myanmar such as Yoma, Interra, Sin Heng could see some play on news that some Asian private equity firms are lining up US$500m to invest in Myanmar, targeting at the natural resource and infrastructure sectors. Toyota Tsusho Corp acquired a 27% stake in Sin Heng for $26m or $0.21/share from from SEAVI, making it the 2nd largest shareholder behind the Tan family's 28%.