SG Market: Spore shares are likely to open lower after US bourses staged their steepest drop in 2 weeks as hopes that European leaders can work out a resolution to the region's sovereign debt crisis at this weekend's EU summit were dampened by Germany. Investors may also take the chance to book some profit as the benchmark STI has rallied more than 10% since Oct 5 low of 2520, with the stochastic indicators crossing into overbought territory. Immediate support now lies at 2720 with resistance at 2820.
Keppel Land and its 46%-owned K-Reit will are likely to be in focus after the latter said it is planning to raise a total of $1.58b ($976.3m via a 17-for-20 rights issue @ $0.85 and another $602.6m via debt) to acquire 87.5% in the Ocean Financial Center. Singapore Exchange trades post FY1Q results, which beat forecasts while NOL and SIA both trade following weak Sep operating data.
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