SG Market (02 Jul 12)

SG Market: S’pore shares are set to extend last week’s rally following the strong gains on Wall Street amid some progress on the eurozone debt problems with the STI likely to surge past the 2900 resistance and test the next barrier at around 2920, as represented by the 50-day moving average. The usual high-beta stocks are expected to be in play, icluding the commodity and oil-related stocks after crude saw its biggest gain since 2009,. Among stocks likely in focus, CMA set up a US$1b private-equity fund to invest in China retail property development and tapped CMT CEO Simon Ho for deputy CEO position; CMT promoted deputy CEO Wilson Tan to CEO.