SG Market: Spore shares likely to drift with a downward bias with no clear lead from Wall Street following concerns that the highly anticipated quantitative easing by the Fed might fall short of predictions next month. The STI also appears to have fallen through the 3,150 neckline of a head-and-shoulders formation, with the measured objective of 3,080, located at the bottom end of its rising trend channel drawn from May. This is also where the 50-day MA currently sits.
Stocks in focus today:
*Genting Spore may take its cue from LVS’ solid 3Q earnings, which saw strong earnings contributions from Marina Bay Sands.
*China XLX may rise after posting 127% yoy & 24% qoq jump in 3Q net profit to Rmb28.3m.
*OCBC may get a boost from the 5-fold increase in 87% owned insurance arm Great Eastern 3Q net earnings to $168.6m in absence of one-off loss.
*Midas has bagged a €20.3m or $36.6m contract from Bombardier Transportation
*Suntec Reit may face selling pressure as trust is put on review for possible downgrade on its debt by Moody’s
*Tiger Airways plans to boost number of flights in the region as it takes delivery of new planes
*Hiap Hoe puts up >80% of Hougang Green mall in the suburbs for sale
*Raffles Edu associate, Oriental Century is heading for liquidation & delisting
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