SG Market: Spore share may pull back as technical indicators approach overbought levels after strong 2-week run-up & STI is hitting resistance at around 2110 level. A consolidation phase to test support at 3060 may be needed before a next move to 3180, provided there are no more major shocks from Mid-East or Japan.
With oil prices heading higher & rig replacement cycle kicking in, the offshore players like KepCorp, SembMarine, Cosco & STX OSV will remain in play. A-Reit may ease after pricing its private placement at $1.94 or 4.9% discount to last close. STX OSV may rise after getting license to start a 2nd shipyard in Brazil. NextGenSat proposing a placement of 300m new sahers at 6¢ to fund acqn China Unifiednet, a China satellite company.
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