SG Market (27 Jul 12)

SG Market: S’pore shares appears set to extend rebound after a bold statement from the ECB saw markets rally on Wall Street and Europe last night and sets up a strong foundation for Asian equities today. With ECB and Fed meetings next week, the QE3 light refuses to be blown out, which could result in quantitative easing measures in both US and eurozone. Support for the STI is now reinstated at 3000 with tiple top at 3030 now acting as the resistance. Among stocks in focus, Heineken gave F&N another week to consider its $50 APB bid and ThaiBev raises F&N stake by another 1.9% to 23.9%. CapitaMalls Asia turned in better-than-expected 2Q12 results with net profit +40.7% to $232m and proposes 1.625¢ DPS. Ascendas Hospitality Trust debuts at 2pm.