SG Market (08 Apr 13)

SG Market: S’pore shares may see a weak start to the week after a grim US jobs report undermined confidence in the economy. Adding to fears, the bird flu in China claimed more victims and ongoing military tensions in the Korean peninsula remained high. Technical indicators for the STI appear to be losing momentum with both the Stochastics and MACD reversing direction down. With the tone likely to be downside biased, the STI is likely to slide towards the 3280 support zone with resistance pegged at the 3300 psychological level. Stocks to watch out for: *Ascendas Hospitality Trust: Acquired Park 300-room Hotel Clarke Quay from Park Hotel Group for $300m or $893,000/room, with a 10-year leaseback agreement with option for another 5-year term. *Olam: Withdraws its libel suit against Muddy Waters and Carson Block *SGX: SGX AsiaClear to introduce iron ore futures this week *Interra: Completed 2nd producing well in Myanmar oil field and will begin to drill a 3rd well, which will take about 6 weeks. *ISDN: Signed MoU with China Huadian Engineering Co, a Chinese state-owned power and industrial play, for collaboration on energy-related projects in south-east Asia. *Albedo: Auditors are unable to express an opinion on the company's financial statements due to uncertainty over its ability to recover $12m owed by 70% owned Thai Tech Steel Co, which is under official receivership and facing lawsuits from its minority shareholders.