Singapore market (28 Nov 12)

Singapore market: may take a breather today, in view of weaker markets in the US overnight, as well as in the region this morning. KOSPI is -0.6%, Nikkei is -0.4% at 8.09 am. Concerns in the US continue, with Senate Majority Leader Harry Reid saying Democrats and Republicans have made little headway in negotiations over how to avoid a yr end fiscal cliff. Local and macro news flow continues to be dry. Olam is halted, as the co prepares its response to Muddy Waters highly anticipated Sell rpt published yday. SMRT says it has lodged a police report for further investigation into possible breaches of law, regarding the 88 Service Leaders who continued not to show up for word yday. Reiterates its priority is to ensure that bus services are restored to normal as soon as possible. Technically, the STI featured a hanging man candle yday, which could signal that selling pressure is starting to increase. Nevertheless, there is no damage yet to the RSI and Stochastics. Hence expect the index to be confined within the 2,977 – 3,027 range in the near term.