SG Market

SG Market: S’pore shares are likely to see cautious trading as Asian markets react to Wall Street’s soft closing following revelation of JPMorgan’s trading fiasco last Fri. But China’s weekend anncmt that it is cutting its bank reserve requirements by 50bps could provide some relief. The STI is also technically oversold and ripe for a rebound to the 2910 support turned resistance with immediate support lying at the 2874 level. Among stocks in focus are a slew of results: *Sembcorp Industries 1Q12 results are above expectations with net profit +10.5% to $177m. *Golden Agri 1Q12 results generally in line with estimate despite net profit -30% yoy *F&N 2Q12 results weaker than expected but maintains positive outlook. *Mewah 1Q12 results are appalling *Swiber 1Q results below par while Kruez 1Q12 results beat estimates *UOL 1Q12 results in line despite posting 63% drop in earnings