SG Market (10 Sept 12)

SG Market: S’pore shares are likely to open slightly firmer though gains are likely to be capped following a mixed bag of US economic data late last week and leading up to this week's FOMC meeting. The market may still be playing the waiting game given the dearth of corporate news. The key focus for now is whether the Fed will unveil a 3rd round of policy stimulus and bad news is seen as good news in this respect. The STI will a need a convincing break from the 3040 resistance ro sustain a good run, while support lies at the 3000 level followed by 2980. In focus will be F&N, on reports that ThaiBev have approached several banks in Spore to line up funding for a potential general offer for F&N. ST Engrg may face some pressure on news it is scaling down its Scandinavian operations and cutting 300 jobs. CNMC Goldmine is pending US$9.4m on diamond core drilling programme in Msia, Ezra’s $200m 5% pa fixed rate notes due 2015 were fully subscribed.