SG Market: Spore shares may rise, tracking Wall Street's strong open, which saw the DJIA rise to a fresh 2-yr high. The STI has also pulled clear of the 3220 resistance and appears headed for the Nov 09 summit at 3310 ahead of the positive Budget expected in Feb ahead of the run-up to the General Election.
With oil prices hitting US$92/barrel, order momentum building up in the premium jack-up rig segment & Indonesia opening up another 50 new exploration blocks, the increased activity has also started to revive the oil support svcs players such as Ezra, Swiber, Falcon Energy, Otto Marine. S-chips are also coming back into the limelight with the vegetable players China Minzhong, Sino Grandess (cheap valuations) & Yamada (broken out of trading range) drawing increased interest.
Stock rating changes:
NOL rated O/P by Credit Suisse with TP of $2.43
DBS rated as O/W by Morgan Stanley with TP of $16.75
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