SG Market: Spore shares are expected to rebound in tandem with the Wall Street snapback on positive earnings from Cisco & favourable weekly employment report. After 7 straight losses, the STI has dropped into deeply oversold territory with the RSI below the 20 mark & Stochastics triggering a short term buy signal. A temporary reprieve may be in store as the index came well off its lows yday as stocks begin to look attractive for bargain hunters. However, upside is unlikely to be strong as investors may be reluctant to take big bets going into the weekend. Topside resistance lies at 2910, which represents the 38.2% Fibonacci retracement of the 2009-2011 rally.
Lots of earnings reports to digest including releases by Noble, Wilmar, City Dev, Golden Agri, Indo Agri, Global Logistic Properties, UOL, UE, Gallant, CSE Global, Asia-Pac Brew, Chip Eng Seng, See Hup Seng, Sunvic, Pan Hong, Fuxing, Sunsine, among others.
Noble: 2Q net profit +63% yoy; in line with expectations
City Dev: 2Q net profit +17% yoy; in line with expectations
Wilmar: 2Q net profit +14% yoy; in line with expectations
Golden Agri: 2Q net profit +172% yoy, above expectations
Indo Agri: 2Q net profit +31 yoy, below expectations
GLP: 1QFY12 core net profit +2.3%; in line with expectations
UOL: 2Q net profit +16%; in line with expectations (excl revaluation gains)
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