SG Market (17 Jul 12)

SG Market: S’pore shares may stumble amid lacklustre performance from Wall Street and after the STI failed to cross the psychological 3000 barrier. Traders are kepping their fingers crossed ahead of Ben Bernanke's testimony to Congress next 2 days, which is likely to disappoint anyone hoping for another round of quantitative easing. The triple top at 3030 will be a firm cap for the STI in the near future. Among stocks likely in focus, F&N is likely to take centrestage after parent OCBC/Great Eastern disclosed they have received an offer for their combined 18.2% stake. M1 missed estimates with a 17.7% yoy drop in 2Q12 net profit to $35.2m on accounting change wrt handset subsidies. K-Reit reported a good set of 2Q results as DPU rose 86.5% to 1.94¢. K-Green reported flat 1H12 net profit with DPU unchanged at 3.13¢.