SG Market (21 Nov 12)

SG Market: S’pore shares may see a slight rebound following mixed cue from Wall Street but the market is likely to drift with no major market moves expected coming to the end of the year and until the fiscal cliff issue is fixed. The STI is likely to range between 2930 to 2980 in the immediate term. In corporate news, Olam is likely to remain in the spotlight, possibly rebounding from yday’s 7.5% drop after the supply-chain manager defended its accounting policies against allegations by short seller Carson Block. Thai Beverage reported 3Q12 net profit rose 16.4% yoy to Bt3.04b. NOL acquired US-based Carmichael International Service, a U.S. customs brokerage and trade compliance firm, for US$37m.