Friday, June 8, 2012

SG Market (08 Jun 12)

SG Market: S’pore shares are likely to track regional declines as the PBOC's surprise interest-rate cut, marking China's long-anticipated shift to a growth-oriented policy, fails to excite. With May economic data out tomorrow, the Chinese authorities may be pre-empting some weak figures. Economists have generally been divided on the hard/soft landing debate and a few will be shifting to the hard-landing side after last night's cut. Fed chief Bernanke's Congressional testimony also disappointed players hoping for stimulus cues. For the STI, underlying support is at 2700 with 2790 offering resistance. Among stocks likely in focus, Olam acquired Nigerian dairy-goods company Kayass Enterprises for about US$66.5m.

No comments:

Post a Comment