SG Market (27 Jun 12)

SG Market: S’pore shares not likely to see any major moves despite 4 cosecutive days of declines. Until the eurozone debt situation clears, the local market is expected to muddle along and the upcoming EU summit starting tomorrow is unlikely to provide the silver bullet to ease the pain. The STI is expected to hug a 2800-2850 range, with any breaks of 2800 likely considered key. Among stocks likely in focus, Genting Singapore and Genting HK may be watched for further Echo developments. Swiber issued a $75m 7.0% fixed-rate notes due 2016. CWT set up a $500m multicurrency medium-term note program, while Dyna-Mac secured $43m worth of fabrication orders.