SG Market: Spore shares may see a soft opening following Wall Street’s pullback & concerns over the escalating uprisings in Mid-East but selective stocks may be supported by positive newsflow & bargain hunting after falls for STI in 6 of the last 7 sessions could limit declines. From a technical stand point, it seems like the downward trend is set to continue with MACD & stochastic hitting new lows in the oversold region. A breach below 3040 would indicate a downside target of 2920.
Keppel Corp expected to get a boost from US$1b contract to build 2 harsh environment rigs for Maersk, bringing ytd orders secured to $3.2b. ST Engrg also posted slightly better 4Q results and raised its dividends to offer an attractive 4.6% yield. GE may also be in focus after announcing $0.77 per share capital distribution. Nomura downgraded Midas to Neutral with TP of $0.97.
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