SG Market (19 Jun 12)

SG Market: S’pore shares are likely to open modestly higher following the lacklustre Wall Street finish though gains are likely to be limited due to profit-taking after the strong run in the STI in recent sessions. Greece is probably not the largest elephant in the room at the moment - we still have Spain and Italy to contend with. Immediate resistance for STI is at 2870 with support around 2800 and then 2780. Commodity stocks will again be the key bellwether of local and regional sentiment with focus on blue-chips Olam, Wilmar, Golden Agri and Noble. Among companies in focus: *Genting HK acquires additional 2.8% stake in Echo for A$82.56m in the open market *Banyan Tree launching integrated resort project in Vietnam *Aussino makes $60m RTO for petrol kiosk business in Myanmar *Sunpower secured a Rmb39.9m contract to supply to a propane and mixed C4 project in China *F&N extends time for privatization of Frasers Property China to 5 Jul.