SG Market (30 Jul 12)

SG Market: The STI appears set to retake levels above the key 3000 resistance following the rally on Wall Street amid hopes of further stimulus from the ECB and Fed. Players are also likely to focus on corporate earnings with some key results due this week from DBS, OCBC, Sembcorp Marine, CapitaLand and Cosco. The year-to-date high around 3040 will likely offer near-term resistance, while 2980 will provide support. Among stocks likely in focus, SGX, SMRT and Tiger Aiways all posted results that were roughly in line with forecasts. CapitalMalls Asia bought Olinas Mall in Tokyo's Kinshicho district for Y22.8b and plans to develop its first shopping mall in Qingdao, China. Elsewhere, Jardine Strategic reported 1H12 net profit fell 66% on year to US$860m.