SG Market (31 Oct 12)

SG Market: Spore shares are likely to trade in a holding pattern awaiting more direction from oversea bourses as Wall Street remained closed for a 2nd consecutive day and there appears some positive developments in Europe. Immediate support for the STI sits at 3020, while stiff resistance is found at 3050-3060 band. Among the latest batch of results SIA Engrg 2Q results came in in line with net profit slipping 5.8% to $67.1m on a 4.4% rise in revenue, while Wing Tai posted a robust 1QFY13 results with net profit jumping 187% to $72.1m as revenue surged 127% to $247m. Fortune Reit too came with a good set of results with 3Q distributable income +23% to HK$138.7m and dishing out DPU of HK8.16¢. Indofood Agri 3Q results is in line with expectations with net profit +23.2% to Rp260.3b on a 8% rise in revenue, mainly contributed by the plantation division.