SG Market (22 Nov 12)

SG Market: S’pore shares are likely to open on a firmer note following the bounce on Wall Street on the cessation of hostilities in the Mid-East but we do not see any major catalyst to drive a year-end rally with the STI expected to range trade between 2930 to 2980 in the near term. In corporate news, Keppel Corp may see some bargain hunting after announcing that it has won a tender to build 2 semi-submersible rigs for Naftogaz, which will take its orders secured this year to a new record. Olam is launching legal action and taking short seller Muddy Waters and Carson Block to court for “slander, libel and/or malicious falsehood”. Bank of the Philippine Islands (9.9% owned by DBS) is in merger talks with Philippine Nat’l Bank and Allied Banking Corp in a deal that could create Philippine's largest bank.