SG Market (04 Mar 13)

SG Market: S’pore shares may go into a holding mode following mixed macroeconomic signals in from China, Europe and US and awaiting cues from China’s key political meetings, which will see the official change-over of new leadership. The positive lead from Wall Street is likely to provide some inspiration to the Asian markets this morning but discouraging data from Europe coupled with concerns over the US spending cuts and the political deadlock in Italy may weigh on sentiment with news flow drying up after the corporate results season. The overhead resistance for the STI is pegged at 3300 with 3240 acting as support. Stocks to watch out for: *China Minzhong: Indofood buys over the GIC’s entire 14% shareholding and raises its stake to 29.33%, just a whisker away from the 30% takeover trigger following a recent placement. *WBL/Straits Trading: Straits Trading $3.36 offer for WBL has lapsed, leaving only the $4 bid by United Engineers left on the table.