SG Market (15 Nov 12)

SG Market: S’pore shares are likely to face downward pressure following the selloff on Wall Street on Mid-East tensions and ongoing saga over the fiscal cliff in US and debt problems in Europe. If the STI is unable to bounce above 2980, the bearish trend may continue to run its course. Underlying support is found at 2920. Among stocks likely in focus, GLP plans to team up with Singapore and China sovereign wealth funds and Canada Pension Plan Investment Board to buy 40 Brazilian properties worth US$1.45b. Olam’s 1QFY13 came in above expectations with net profit +26% yoy to $43.2m on growth in the food business. F&N and OUE may draw interest as the deadline for accepting TCC Assets' F&N bid is today. City Dev reported 3Q12 net profit rose 1.8% yoy to $134.5m, which is below par. STX OSV may disappoint as its 3Q results were below expectations.