SG Market

SG Market: Spore shares are likely to rise tracking the strong gains on Wall Street, which was boosted by enthusiasm over upbeat earnings results coupled with optimism towards a potential US deficit-reduction plan. For the last 5 sessions the index has traded in a choppy consolidation mode within the rough 3055-3100 range on thin vol as investors await further catalysts to determine direction. Hope that the political gridlock over the US debt ceiling is at an end, may provide the much needed impetus to push the STI out of its range and head towards immediate resistance at 3120 before testing 3150. Cambridge Industrial Trust may see some interest after it posts 2Q DPU of 1.036¢, -16.3% yoy, +3.5% qoq. Offshore names may be buoyed after oil prices settled 1.6% higher at US$97.50/bbl.