SG Market: Spore shares are tipped to move within a tight consolidation range in cautious trades with no cues from Wall Street to take the market either direction. The STI appears to be bounded by a developing symmetrical triangle, which indicates that neither the bulls nor the bears are in control. Topside resistance is at 3160, followed by 3180 while the support base is at 3120 & 3110.
Investors are likely to look past GLP’s 4Q results with net profit -63% to US$49.2m, -63% yoy due to revaluation loss arising from damage caused to its Japan portfolio after the earthquake & focus on mgt’s execution for FY12. NOL may be in focus after its latest data showed container shipping volumes rose 9% yoy but freight rates fell 4% yoy for the 9 Apr - 6 May period.
In other corporate news, Z-Obee FY11 net profit more than doubled to US$11.4m as revenue rose 6.3% to US$148.3m, boosted by US$5.9m fair value gains from its equity interests in Yoho King Grp, which more than offset US$1.5m impairment losses from its asset portfolio while both Low Keng Huat ($66.3m) & China Environment (Rmb105.6m) bagged contracts.
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