SG Market

SG Market: Spore shares are expected to be rangebound as the lack of corporate events & somewhat flat on Wall Street provides few catalysts for any sharp moves in the market. Chart watchers will likely continue to focus on the 3120 level, which many tip as a key support at the neckline of a potential head & shoulders pattern, which may be triggered if China raises interest rates.

Nevertheless, most analysts are still generally hopeful of a yr end rally taking the STI to close above 3,300 for 2010. Oil-related svc providers & commodity stocks to remain in focus with banks, properties taking a backseat.

Stock rating changes:
*Noble maintained at O/P at Credit Suisse with TP raised to $2.60 from $2.55
*City Dev upgraded to Hold from Sell at RBS with TP raised to $11.90 from $10.93
*Keppel Land target ptice raised to $5.90 from $5.20 at RBS
*CapitaLand target price cut to $3.20 from $3.55 at RBS
*Golden Agri upgraded to Buy from Hold at OCBC Sec with TP raised to $0.91 from $0.78
*Wilmar target price cut to $6.48 from $7.04 at OCBC Sec
*Yangzijiang target price raised to $2.57 from $2.15 at Cimb