SG Market (08 Aug 12)

SG Market: S’pore shares are set to be lifted along with the positive sentiment in Wall Street but caution may persist with the STI facing a first test at the 3100 mark. Downside support remains at 3055 level. Among stocks in focus, UOB's 2Q12 net profit rose 12.1% yoy to $713m, topping forecasts. Kindest Place counter-bid of $55/share for F&N's direct 7.3% stake in APB stake is expected to heat up the bidding war with Heineken. SembMarine landed a US$4.03b contracts from Sete Brasil to build 5 drillships. Yangzijiang's 2Q results disappoints as net profit slipped 9% yoy to Rmb878.2m.