SG Market (09 Jul 12)

SG Market: S’pore shares appear likely to snap an 8-session winning streak, tracking falls on Wall Street after US jobs data disappointed. Traders opine that the job creation is too low to raise hopes the US will lead the global economy into stronger growth, but too high to warrant a fresh injection of asset buying. The STI could find initial support at 2950 with firmer ground at 2910. The local market is also due for a correction with technical indicators very much in overbought territory. Among stocks in focus, CapitaLand will buy a S’pore property from ART for $359m and sell it back after redeveloping it. Genting S’pore will face pressure as regulators propose tougher casino rules.