Wednesday, October 24, 2012
SG Market (24 Oct 12)
SG Market: S;pore shares are likely to open in the red after Wall Street's sharp plunge on earnings concerns, but is not likely to match the magnitude of the US losses. Traders highlighted that for the rally to sustain, apart from asset reflation via central bank easing, corporate earnings as well as macro fundamentals will need to improve, which on the contrary have been disappointing thus far. The STI is likely to slide to the lower end of its 3020-3050 trading range. F&N will remain in focus, with OUE still mum about its plans for a counterbid although it has appointed Credit Suisse to look into a possible M&A and financing deals. Ascott Residence Trust 3Q12 results was in line with expectations with DPU +0.4% to 2.24¢. Mapletree Industrial Trust FY2Q13 results was slightly above par as DPU rose 1.3% to 2.29¢. Osim 3Q12 results came in above expectations as net profit surged 49% to $20m. GLP signed 2 leases for a total 55,000sqm, in Xian, China, with its first development there fully leased upon completion. Games cloud provider Declout will make its trading debut today.