SG Market: Spore shares may rise to track gains on Wall Street but the technical picture remains highly overbought & traders mat start to book profits following the market’s 8% rally in the past 3 wks. The odds of a pullback are heightened but there is also some underlying support coming from a return of foreign funds flow. Resistance for the STI seen at 3,180, then 3,230, with support at 3,120.
Stocks in focus: Asia Env auditors flagged its going-concern assumption, CSE Global awarded the Royal Cornwall Hospitals Trust'system contract, Hiap Seng secured US$8.4m maintenance contract for Vietnam refinery. Hyflux sealed a $890m 25yr Water Purchase agreement with PUB for Spore's 2nd & largest desalination plant & SIA Eng has formed a 49/51 JV with Sagem (Safran Group), to set up a state-of-the-art avionics facility at Changi.
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