Tuesday, October 30, 2012
SG Market (technical)
SG Market: Spore shares are likely to face nervous sentiment amid an absence of cues from Wall Street as Hurricane Sandy forced the closure of US exchanges and on worries about 3Q corporate earnings. After A break of the 3030 support may send the STI lower to test immediate support at 3020, followed by firmer 3000 psychological level. Momentum indicators are also turning southwards, suggesting some inherent short term market weakness. Among the few stocks in focus, Capitaland reported an 85% jump in 3Q net profit, which was below expectations (due to low base effect), while Tiger Airways reported smaller net loss of $18.3m as anticipated. SIA mmay also draw attention after taking a 10% stake in Virgin Australlia. SingPost 2QFY13 results was broadly in line.