Monday, April 23, 2012

SG Market

SG Market: S’pore shares are likely to set a cautious start following Wall Street’s unconvincing advance last Fri and regional mixed cues. Worries about the US economy and slowing China do not provide strong support for risk assets, which is causing a crisis of confidence among traders. The STI is expected to range trade within its familiar 2970-3030 boundary in the absence of large scale earnings upgrades. Even KepCorp’s bumper 1Q results were unable to lift its stock price as many of the positives have already been factored in by the market. Among stocks in focus: *GMG Global 1Q results came in below par with net profit -24.5% to $11.7m on flat revenue and lower average selling prices of rubber *First Reit 1Q results generally in line with distributable income +22.7% to $12.1m, DPU at 1.93¢ *Guocoland 3Q profit made a profit turnaround to $162k vs $920k loss in 3Q11 *AIMS AMP 4Q distributable income edged uo 6.1% to $12m, DPU at 2.7¢ *Wheelock Properties exploring local and overseas projects *Tiger Airways’ 33% associate Mandala Airlines starts Medan-Spore service *Palm oil plays may be eyed after US soybean futures hit a 7-month high

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