SG Market

SG Market: Spore shares likely to range bound with slight positive bias after Wall Street capped a volatile week with some gains following a short selling ban imposed by some European markets. Investors saw value emerging after the recent sell-off with the STI ralling off a 13-month low of 2720. Expect to see the STI could move higher towards the 2880 & 2910 region, which also represents the 78.6% fibonnacci retracement level. But upside is likely to be technical in nature. Genting Spore will take centrestage after its 2Q11 earnings fall below expectations with EBITDA of $347m, -34% on quarter, lower than the $378m market forecast. NOL (disappointing) & STX OSV (in-line) will also be in focus post earnings results.