SG Market (13 Aug 12)

SG Market: S’pore shares may stall amid mixed cues from overseas markets and disappointing clutch of results from Genting S’pore and Golden Agri. As with the banks, a lot of companies are warning of margin pressures and the 2H may not be as rosy as what was expected. Investors are playing a wait-and-see game to see if there are any stimulus packages that could spur end-demand. The STI is expected to be in a bit of a struggle as momentum indicators are starting to wane. Support will lie at 3040, followed by the 3000 level while recent high of 3080 offers resistance. Among stocks likely in focus, Genting S’pore turned in 2Q results that were well below par with EBITDA of $311m. Golden Agri also disappointed with 2Q12 net profit -40% to US$108.1m. F&N 3Q12 net profit rose 2.1% to $136m.