SG Market (03 Jul 12)

SG Market: S’pore shares may continue to enjoy its newly regained perch over 2900, as shares may open higher, tracking regional markets' gains and shaking off weak US manufacturing data. While the spillover euphoria from the EU summit goes some way to explain the lack of panic, the growing expectation that the Fed will intervene with some timely asset-buying also comes into play. But after rising more than 2% over past 2 sessions, skeptics are watching for profit-taking. The next resistance is likely around 2920 followed by 2950 with 2900 support closely watched. Among stocks likely in focus, NOL plans to sell its HQ building to raise funds for strategic investments. Midas said its JV won a Rmb860m contract to supply metro train sets a Dongguan rail project.