SG Market (16 Aug 12)

SG Market: S’pore shares are likely to trade sideways after Wed's hectic earnings-based action and with Wall Street finishing flat. The STI is expected to grind towards the 3050 with firmer support at the psychological 3000 level. Among stocks likely in focus, Moody's downgraded SingTel's rating to Aa3 from Aa2, keeping a stable outlook. Oil-related plays, such as SembMarine and KepCorp may be in focus after oil futures touched 3-month highs. Cordlife plans to acquire 10% of China Cord Blood for US$20.8m, partly funded by selling its 10% indirect stake in China Stem Cells for US$16.8 million. Crown Speciality Packaging offered to acquire Superior Multi-Packaging for $0.14/share.