SG Market (17 Oct 12)

SG Market: S’pore shares are likely to open higher, buoyed by Wall Street's rally on well-received earnings. Investors will be looking out for the corporate earnings season and the 4Q 4Q guidance. The STI has again crossed above its 50-day moving average with immediate resistance at 3.60 followed by recent high of 3108 and underlying support at 3000 level. Among stocks in focus, Capitalands privately held service apartment operator Ascott is looking at F&N's hospitality assets, but has no current plans to bid. Keppel Land acquired a Chengdu residential site for $133m and was the top bidder for a 99-year-leasehold condo site in near Tanah Merah MRT at $434.6m or $791psfppr. Palm-oil plays may be in focus as concerns emerge over Indonesian inventories' rise to a record in Sep.