Singapore market (27 Nov 12)

Singapore market: there was a lack of major drivers overnight in the US, as the US fiscal discussions continue. Nevertheless there may be some relief after Euro-area finance ministers reached agreements on Greece’s debt burden and its funding gap after a nearly 13 hr meeting. In the region, KOSPI is +0.6% and Nikkei is +0.4% at 8.29am. Technically, the STI continues to climb, with near term momentum evident from the rising RSI and Stochastics. Having resurfaced above the 20day MA, the index could test the 3,027 resistance level next. A break above that would be a further positive. Downside support is at 2,977 (coincides with the 200day MA). Dry on the corporate news front today. MDR is the latest company to jump onto the Myanmar bandwagon. The co plans to set up a JV with 3 other firms to break into the telco industry in Myanmar, providing after-sales services for teleco devices, and to provide exclusive consultancy and retail franchisee procurement services. SMRT may see weak sentiment after some 100 SMRT bus drivers have reportedly gone on strike over salaries.