SG Market

SG Market: S’pore shares may trade lower after a sharply sub-par reading on US private sector jobs data in Apr and continuing worries over Europe’s economy. The market may see some profit taking after investors pushed the STI above the psychological 3000 level yday. But tough overhead resistance seen at the 3030 double top while underlying support lies at the 2985 convergence of the 20 and 50-day moving averages. Among stocks in focus, Cosco Corp landed an over US$200m contract to build a semi-sub accommodation vessel. NOL said the G6 alliance of container-shippers won't implement a 7th service-loop on the Asia-North Europe trade lane. Hi-P reported 1Q12 net profit plunged 91.5% to S$1.5m, while A-Reit calls for a trading halt after launching a private placement of 150m new units of between $1.99 and $2.04 to raise $294-301m to fund AEIs and construction of Fusionpolis business park and Unilever Four Acres built-to-suit facility.