SG Market: Spore shares may trade on the downside on investor caution after tepid Wall Street following ECB rate hike & another quake in Japan adding pressure. The STI has been on a rising streak the past 7 sessions & technical indicators are very overbought. Immediate support lies at 3163, which is the 61.8% Fibonacci retracement of the fall from 3313 to 2919, followed by 3120. Near-term cap tipped at 3180-3200.
SGX may rise after its ASX takeover proposal is formally blocked by Australia's Treasurer. Other stocks in focus: Dyna-Mac: 3Q net profit +11% to $7.2m but revenue -17.4% to $39.4m due to a slowdown in deepwater drilling activities in the US following the oil spill in the Gulf of Mexico last Apr. Boustead secures $25m in contracts from O&G industries while Yongnam was awarded a $19m contract for the new NUH medical centre.
Jiutian Chemical’s aditors, raised concerns of the group’s ability to continue as a going concern
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