SG Market (21 Jun 12)

SG Market: S’pore shares are likely to see some profit-taking on disappointment over the Fed's widely expected decision to extend Operation Twist. Following 4 straight days of gains, the STI is poised to take a breather and reverse direction, heading towards underlying support at 2810 level. Overhead resistance remains at 2870. Among stocks likely in focus, units of Genting including Genting Singapore have taken a combined 9.9% in Australia's casino operator Echo; Olam's CFO Krishnan Ravi Kumar resigned to pursue a career outside the agricultural commodities sector; Nam Cheong landed a letter-of-intent to build 4 MPSVs for Bumi Armada Navigation worth US$130m, with an option for another 4 units.