SG Market (29 Aug 12)

SG Market: S’pore shares may remain stuck in neutral amid a lack of strong cues from Wall Street and ahead of Friday's big show by the Fed. Traders are waiting for clues in the lead-up to the Jackson Hole meeting but are none the wiser which path Bernanke will decide to take. The STI remains range-bound with 3030-3040 support zone closely watched, while resistance at the 3088 year-to-date high is unlikely to be troubled. Among stocks likely in focus, Olam reported 4Q12 results which were at upped end of estimates, while IMM 1H12 results were in line with estimates. SembMarine’s Brazilian unit landed a US$674m Petrobras-related contract to build modules for 2 FPSOs.