SG Market

SG Market: Spore shares are unlikely to push much higher following flat close on Wall Street last Fri and lacklustre openings on regional bourses. The benchmark STI is also approaching a key Fibonacci resistance at around 2920 with stochastics and RSI hovering near overbought levels. Support is tipped at around 2820. Focus will be on slew of corporate results released late Fri – SMRT (below par), SIAE (in-line), SingLand/UIC (above expectations with murky outlook), GEH (net profit -75%) plus contract wins by Sembcorp marine (US$300m) and STX OSV (Nok1b) and profit warning by Otto. Attention this week will be on bank results due 2/3 Nov.