SG Market (01 Aug 12)

SG Market: S;pore shares may stumble, tracking soft close on Wall Street, with players likely taking a wait-and-see approach before China PMI data and the outcomes of central bank meetings. Overnight markets continued to lighten long risk-asset positions ahead of 2 days packed with event risk. The 3000 level on the STI is likely to remain as support, while the around 3040 ytd high offers resistance. Among stocks likely in focus, CapitaLand 2Q results is slightly off forecast with net profit slipping 3.3% yoy to $385.9m, while Thai Beverage raised its F&N stake to 24.1% as well as received a SGX waiver from holding an EGM on its F&N purchase, paving the way for a quicker deal completion and perhaps speeding up getting a board seat. Fragrance secured a 150,678sf Tanah Merah site with a $285.2m joint bid with World Class Land, translating to $676psf ppr. Saizen Reit acquires Cosmo Reveur Sangenjaya in Tokyo for a ¥589.99m.