SG Market (30 Aug 12)

SG Market: S’pore shares are likely to track stalling Wall Street as investors wait out the calm before Ben Bernake’s Jackson Hole speech and the oncoming events on Sep 6 and 12. While this Fri’s gathering may be a non starter, the risks are definitely to the downside. Immediate support for the STI remains at around the 3040 level with likely resistance at the 3088 year-to-date high/ Among companies in focus, AusGroup reported a good set of 4Q results with net profit surging 88% yoy and 22% qoq to A$8.3m. Rubber-linked shares such as GMG and Goodpack may be in focus after major natural rubber producers Thailand, Indonesia and Malaysia firmed up a deal to limit rubber exports in an effort to support prices. Yongnam landed a $21.3m contract for a Malaysian project. Sembcorp Industries signed a JV deal for a new urban development in Indonesia. A study published in JAMA showed Biosensors' BioMatrix stent is more effective than a bare-metal stent in treating patients with acute myocardial infarction.