Wednesday, September 28, 2011

SG Market

SG Market: Spore shares are likely to take cue from positive overseas lead following higher Wall Street close but gains will be capped as US stocks ended well off their intraday highs on disagreements over Greece’s 2nd bailout plan. The STI's sharp 2.7% spike on Tue may also prompt some profit taking, following the recent experience of market rebounds being met with selling.

Continuing the pattern of heavier volumes during market declines compared to rebounds, it is hard to envisage market strength going beyond the 2800 resistance. In corporate news, Sembcorp Industries is seeking to expand its Liaoning utilities projects, while Tiger Airways meets no Australian regulatory opposition to its proposed right issue.

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