SG Market: With Wall Street closed on Mon for Independence Day, Spore shares are likely to take the initial leads from the European session, which saw markets close marginally higher though in muted trade. However, the STI should take a pause after rallying 5% in the past 2 wks & 5 straight sessions of gains. Yday’s formation of a spinning top candlestick pattern may develop into a bearish evening star if the index closes below its 200-day MA at 3140.
Lingering caution over the European debt situation following S&P's warning of a `selective default’ by Greece & ahead of key US payrolls figures on Fri, may also give investors reason to take a break. Resistance seen at 3180 with support at 3120.
News flow is light; China F&Bs may be a theme today after Hsu Fu Chi confirms it is in talks with Nestle over a possible takeover deal by the food giant. Govt susp & review of land sales under the DBSS scheme may also give a lift to higher end property developers.
Tiger Airways expected to remain other pressure as other broking houses join the Sell camp. Viking lodged CAD complaint over financial irregularities with Marine Accemm, in which it has a 19.9% stake, may have to write off its $7.7m investment.
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