SG Market (01 Jun 12)

SG Market: S’pore shares are set to fall after Wall Street's and European bourses' negative cues on further weakening of economic data. This comes ahead of US non-farm payrolls data tonight which is expected to add to the pessimistic mood. With the prevailing mood now focused on safety and capital protection, the STI is likely to slip below the 2750 support and may test the next level at 2700. Among stocks likely in focus, KepCorp landed another US$560m harsh environment jackup rig contract, taking its total contract wins this year to almost $7b. DBS’ Danamon acquisition faces headwinds from Indonesian bank-ownership limits under consideration. Formula One is delaying its US$2.5b IPO, which may dampen market sentiment.