SG Market

SG Market: S’pore shares may open lower, amid earnings concerns and declines in overseas markets. The STI also closed below the key 2910 support, which could embolden bearish traders. Poor corporate earnings are likely to weigh on local traders today along with the Greek tragedy. Investors continue to be spooked by fears that a newly-formed Greek parliament will decide to renege on its debt repayments, leave the euro and start a chain reaction among other euro zone economies. Markets are factoring in a messy Greek exit. Next support for STI stands at 2850. Among stocks likely in focus, UOB's 1Q12 net profit topped expectations, while SIA swung to a surprise loss along with NOL. Sembcorp Marine and Wilmar 1Q12 earnings were below expectations, ST Engineering and SingTel results were in line.