SG Market (02 Aug 12)

SG Market: S’pore shares may stall following the tepid performance on Wall Street after the Fed refrained from announcing fresh monetary stimulus and as players adopt a wait-and-see mode ahead of the ECB meeting outcome later in the day. It remains to be seen if STI can keep above the 3040 level after breaking past the previous key resistance. Topside resistance now stands at 3105, which is the top end of its breakdown gap. Among the headline news, OCBC reported 2Q12 net profit rose 12% yoy to $648m, topping the $616m consensus forecast although there are concerns over the quality of its earnings. Cosco's 2Q12 results was slightly below par with net profit -13% yoy to $27.6m vs $30m estimate. Hi-P reported a 2Q12 net loss of $2.1m vs $11.2m profit a year earlier, which was in line with expectations. F&N is halted a day ahead of the deadline to accept Heineken's bid for its Asia Pac Brew stake. ComfortDelGro acquired bus assets in Australia for A$53m.