SG Market: Spore shares are likely to remain tentative despite the firmer close on Wall Street as recent oil price volatility & S-chip accounting issues cloud market sentiment with many content to stay on the sidelines until the uncertainties clear. Support for the STI is tipped at psychological 3000 level with firmer base at 2915 while resistance is seen at 3050, where the 200-day MA currently sits.
Noble Group may get a lift from above-consensus 4Q10 and FY10 results. OUE saw a massive turnaround to record a FY10 net profit of $777m against a loss in FY09 on revaluation gains as well as better operating numbers. Both First Resources (27%) & Kenana (36%) reported higher FY10 earnings on rising CPO prices, beating expectations. Osim may also feature after receiving SGX approval to list its shares in its planned TDR listing.
Cosco may rise after bagging 2 tender rig contracts worth US$225m from Seadrill.
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