SG Market (23 Jul 12)

SG Market: S’pore shares are set to have a soft start amid negative leads from Walll Street and Europe as Spanish concerns retake centrestage and eachnical indicators appear overbought. It will be interesting to watch if the 3,000 support on the STI holds with stiff resistance remaining at the triple top near 3030 level. F&N and Asia Pac Breweries will resume trading as F&N's board weighs Heineken's $5.1b bid for F&N's effective 40% APB stake. Among other stocks in focus, Raffles Medical reported 2Q12 net profit rose 7.1% on year to $12.5m, while Fortune Reit reports 33.8% jump in 2Q distributable income to HK$136.5m and propose DPU of HK$6.7¢. Jaya inks collaboration agreement with IHC Merwede Asia Pacific and AsiaMedic signs MOU to explore possible jv in Myanmar.