SG Market: Spore shares are likely to face continued selling pressure following another bloodbath on Wall Street amid renewed fears of the European debt crisis & a possible credit rating downgrade of French banks. Japan, Korean & Australian bourses opened in the red this morning & Spore is expected to follow suit. Despite the STI falling into grossly oversold territory with an RSI reading of 20, fear has obviously become the overriding concern gripping the market. Support for STI tipped at 2750, then 2650 with resistance at 2920.
Not helping market sentiment, SingTel’s 1Q results was slightly below par, dragged by poorer contributions from Indian associate, Bharti’s African ops & weaker regional currencies. Yangzijiang posted 20% growth in net profit to Rmb964m, ahead of expectations but was boosted mainly by forex gains & interest income.
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