SG Market: Spore shares are set to pullback after Wall Street fell Mon as optimism over a US debt agreement was doused by manufacturing data suggesting the US economic recovery may have stalled last mth. The benchmark gained 0.8% to 3215.27 Mon, a nearly six-mth high as news emerged of a compromise in Washington over raising the US debt ceiling.
Despite the mkts' positive mood over a US debt agreement, the US credit rating may still be downgraded; and investors focus could revert back to the health of the US economy, with both above- and below-expected releases equally likely. Thus, any temporary surge after a yes vote, if it came, may pose a good profit taking opportunity. In focus today SembCorp Marine wins US$444 million of contracts from Noble Corp, Cosco posts 2Q net profit which slumped 53% yoy and SIA goes Ex Div today. STI support is tipped at 3150.
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