SG Market: Spore shares are likely to follow the strong overnight performance of Wall Street but gains may be capped given the sharp previous day rise ahead of Pres Obama’s job speech. Given the past events, could this be a case of buying on rumour and selling on news? According to the draft proposal of the plan, US$120b would be an extension of the payroll tax cut and US$50b would be spent on unemployment insurance, leaving only US$130b in new spending left on the table, which may be too little to stimulate the economy.
Resistance for STI is tipped at 2910 with immediate support at 2820. Global Logistic Properties may be in focus after signing new lease agreements for space at ist Chongqing facilities totaling 152,000 sqm.
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