SG Market: Spore shares are likely to open lower, taking the bearish cue from Wall Street, which declined amid continuing turmoil in Libya threatening to spread to other parts in Mid-East & oil prices touching 2-yr highs. Despite the modest rebound off the low to sit just above the psychological 3000 level, the STI needs to move above the 200-day MA at 2050 to re-validate the bull case. On the downside, strong support is seen at 1920.
City Dev will be in focus after it posts 41% yoy & 27% qoq jump in 4Q net profit to $249.2m, beating mkt consensus of $217.4m but much of the gain is accounted for by one-off gains from disposal of investment properties as well as revaluation of its stake in a Beijing unit.
SembMarine also reported solid 4Q results boosted by record margins & guided for better prospects in view of renewed order flow driving current orderbook to $4.8b with another 10 options worth $2.5m yet to be secured. Gives surprise special DPS of 25¢ taking FY10 yield to almost 7%. Stocks with perceived exposure to the current unrest in the Middle East could fare poorly again, such as Hyflux & Sound Global.
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