Spore market (29 Jun 12)

Spore market: looks set for a lower open, mirroring the weak US close. In the region, KOSPI and Nikkei are down 0.9% and 0.7% respectively, at 8.11am. Yet volatility will likely continue, as eyes will be on the outcome of the EU Summit. While most market watchers have low expectations for any meaningful new policies to be announced, any move towards a common solution could be a positive trigger for markets. Today also marks the last trading day of 1H12, and markets could be inclined to window dressing towards the end of day. Technically, the STI looks to continue to trade in a wide 2800-2900 range. Near term, the trend appears positive, as the index could move higher from the recent 2800 base. Indicators however are flattish.