Spore market: may pull back despite the gains on Wall Street, as ominous headlines from Europe may cause investors to pare back exposure to risk assets; regional markets have opened in the red after French President Sarkozy and German Chancellor Angela Merkel Wednesday opened the door to Greece leaving the euro zone in a marked escalation of rhetoric, in response to Greece PM Papandreou's surprise call for a referendum on the EU bailout package.
Wednesday, the benchmark STI closed up 1.6% at 2834.75.
UOB and OCBC could come under pressure, and weigh on the STI, after their 3Q results came in below expectations; both banks' non-interest income suffered from volatile markets in the quarter, though their earnings from robust loan books continued to grow.
Cosco could also trade weaker, after posting a 42% on-year fall in 3Q net profit.
Watch out for new listing Parkson Retail Asia, which debuts after its IPO was 1.1X subscribed.
STI's key support remains 2750.
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