Wednesday, August 15, 2012

SG Market (15 Aug 12)

SG Market: S’pore shares may pull back to consolidate its recent gains but any retreat is unlikely to be significant as investors expectations for global central banks to ease remains supportive for equity prices. Players are likely to focus on a slew of earnings reports as the results season nears its end. The STI is expected to be range-bound between 3030 and 3100. Wilmar is likely to be a key drag after reporting 2Q12 net profit dropped 70% yoy to US$117.1m, well below market estimates. ST Engrg reported 2Q12 net profit rose 10% to $143.1m, which was on top end of expectations. Other companies which reported earnings include First Resources, Indofood Agri, Swiber, GLP and ThaiBev. SembMarine may get some support after landing a US$135m rig-building contract from Diamond Offshore.

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