Tuesday, May 24, 2011

SG Market

SG Market: Spore shares are tipped to gap down at the open after US shares tumbled Monday, as fears of spreading eurodebt troubles spark a flight to safer assets after Greece, Italy, Belgium, Spain, UK & Japan all came under credit downgrade or watch & China revealed accounting irregularities at 17 SOEs. The outlook & sentiment has decidedly turned negative for now with the STI likely to break key support of 3110 & head lower to 3080.

The only positive news is from Allgreen Properties after Robert Kuok’s $1.60 takeover offer to take the property group private & Swiber’s US$109m contract wins.

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