Singapore market (28 Jun 12)

Singapore market: likely to open up, taking cue from the positive moves in the US market overnight. In the region, KOSPI and Nikkei are up 0.3% and 1.3% respectively, as at 8.22am. The STI’s momentum may continue into the HK market open, as newswires also saying that more measures to boost financial cooperation btwn HK and China may be out “soon”, making it more convenient for HK’s long term invmt in China’s capital mkts, cross-border ETFs, support for 3rd party RMB settlement through HK agents. This could provide a fillip to HK shares. Meanwhile, keep an ear out for any fresh developments that may arise from the EU Summit, to be held over today and tmrw. Technically, the STI will likely continue to trade in a wide range, amidst current volatile times. The indicators offer no clear direction on regarding near term moves. See support at 2800, resistance at 2900 (coincide with 50day MA).