SG Market (17 Jan 13)

SG Market: S’pore shares appears to be holding out for clearer direction for Wall Street as well as corporate earnings from the local front. The STI is sitting on its support near 3200 after losing its foothold yesterday with overhead resistance seen at 3235. Investors are still wary of how property stocks will perform this year and are keeping their distance for the time being, following the recent drastic cooling measures, which is expected to have more bite this round. Traders note that there is some switching to SingTel, which is viewed as a safer bet due to the stable nature of its business. In a surprise move, Wheelock has thrown in the towel and accepted Simon Cheong’s $1.80 offer for SC Global, which will take the company private. Midas and Ngerator may draw renewed interest after announcing contract wins.