SG Market (11 Jul 12)

SG Market: S’pore shares are likely to retreat, tracking weak offshore leads after European markets' positive vibes failed to lift sentiment on Wall Street following poor start to corporate earnings season from the chipmakers, backed by weakening Chinese demand and a faltering Europe. If 2950 support on the STI breaks, the 2910-2920 zone may ne the next bulwark. Among stocks likely in focus, Keppel's Kazakh unit and its consortium partner landed a US$242m contract to build a jack-up rig. Neo Group makes its Catalist trading debut. Olam priced a $350m 7-year debut bond at 5.8%, slightly below initial expectations.