SG Market (technical)

SG Market: S’pore shares could stumble further following second consecutive drop on Wall Street and as investors book gains from the recent rally. Euphoria over the US budget deal may be fading as traders look to the earnings season for direction. The STI may drift lower to test the 3200 psychological support with overhead resistance pegged at 3280. CapitaLand may be in focus as the developer mulls over the issue of Rmb-denominated bonds for the first time to help fund its China expansion. SC Global may see interest Wheelock Properties bought another block of 5m at $1.815, besting the $1.80/share offer by SC Global's CEO to take the developer private. At the same time, Wheelock is also the top bidder for an Ang Mo Kio site. Both United Environment and F&N may see renewed interest after announcing with prominent shareholders acquiring significant stakes.