Friday, August 24, 2012

SG Market (24 Aug 12)

SG Market: S’pore shares are likely to face losing interest following the tumble on Wall Street on global economic worries as well as fading hopes of quick stimulus action by the Fed. The technical landscape is also showing signs of tiredness with momentum indicators easing off. Support for the STI is likely to be found around the 3040-3050 range, followed by the psychological 3000 level. Not much market moving news today. Among stocks likely in focus, Oxley posted disappointing 4Q results with net profit -73% even as revenue rose 16%, while PEC reported 30% rise in 4Q profit. . Tiong Woon posted a FY12 loss of $5.8m despite revenue rising 41%. Myanmar oil play Interra's proposed rights issue was approved at an EGM. Far East HTrust public offer was 14.6x oversubscribed by retail investors. Grey market price touted at $0.97 vs $0.93 IPO price.

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