SG Market (30 Jan 13)

SG Market: S’pore shares are likely to open with an upside bias on the positive cue from Wall Street and the STI could rebound from a slight drop on Tue but gains may be capped at the 3280 resistance given the lack of earnings catalysts from recent results. Among the latest corporate news, SMRT could face some selling prssiure after reporting a 31.2% drop in 3QFY13 net profit on higher expenses from increased hiring and salary adjustments. SingTel's sale of 30% stake in Pakistan's Warid Telecom may be a slight negative in the short-term, as it took a $230m loss on the sale. Starhill Global 4Q results was in line with expectations. MCL puts in a top bid for a Jurong West site.