SG Market (13 Jul 12)

SG Market: S’pore shares are likely to take the cue fron China’s 2Q GDP data due out this morning, while Spore's weak 2Q12 GDP 1.1% qoq contraction (1.9% growth yoy may weigh on the local bourse. Market watchers expect the market to remain volatile for at least the next 3-6 months as there has been some divergence of performance between local shares and the economy given expectations of a weaker earnings outlook. Support for STI is tipped at 2950 followed by 2910. Among companies in focus, Ezra's 3Q12 net profit jumped 244% yoy and announced US$164m new contracts. ST Engrg landed a $80m contract from AirAsia. Interra issued a positive Myanmar drilling report. CapitaLand sold its UML stake. Yoma secured 3 contracts worth $63.8m.