SG Market: Spore shares expected to open higher after Wall Street's gain last Fri after getting a boost from easing tensions in Egypt, which had earlier threatened oil supply lines. The STI closed down 0.8% on Fri, taking last week's losses to 4.3%. The STI is exhibiting a bearish engulfing candle on the weekly charts, breaking down below key support at 3120 but short term indicators are a tad oversold due to the steepness of the selldown.
We may see a retracement back to 3120 region before another down move. The next key support is at 3040, which also coincides with the 200-day MA. KepCop should get a kicker from the latest $386m contracts to build offshore modules for 2 customers as well as potential US$1.4b order for 2 rigs by a Brazilain rig operator. GLP will also likely to be in focus after its 3Q results.
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