SG Market

SG Market: S’pore shares are likely to take a hit from Wall Street's sharp selloff following poor jobs report and the election outcomes in France and Greece, which may turn back the budget cutbacks in the eurozone. With regional bourses like Nikkei already 2.3% in the red, local investors are expected to head for cover and add to the selling pressure. Expect the STI to break immediate supports at 2985 and 2960, and to test key support at around. 2915. High-beta stocks like commodities will be in the firing line. StarHub will be in focus after reporting solid 1Q earnings. Following its earlier profit warning, SC Global reported a 1Q net loss of $10m vs $73m profit in 1Q11. Chuan Hup Offshore posted a 57% jump in 3Q12 net profit to US$11.1m, boosted by a vessel sale, associated contributions and cashflow hedge while Marco Polo posted a 22% drop in 2Q net profit to $4.23m. Other stocks that may be in focus include Noble Group Golden Agri and Wilmar.