SG Market (18 / 05 / 2012)

SG Market: S’pore shares are poised to face renewed selling pressure following the steep falls in Wall Street on weak economic data and a downgrade of 16 Spanish banks. Nikkei is already down 2.2%, which could see the STI testing the 2780 support. Bad news for risk assets, particularly the commodity plays. On the corporate front, SembMarine could draw attention after securing 3 contracts totaling $130m for upgrading of a FSO and life extension works on 2 LNG carriers.