SG Market

SG Market: Spore shares are expected to open sharply lower following the rout on Wall Street amid fresh concerns over Europe's debt crisis. Just when investors were thinking it is safe to get back into the water, another bombshell exploded. This has not been helped by the latest batch of corporate results with STI component stocks SingTel, StarHub, Noble and Venture all turning in earnings that are below expectations. Notably, Noble’s shock US$17.5m 3Q net loss and the resignation of its CEO is expected to lead to a wave of downgrades for the stock. With Wall Street down over 3% and commodities weaker, cyclical stocks are likely to come under pressure. Support for STI is tipped at 2750.