SG Market (20 Dec 12)

SG Market: S’pore shares are likely to track Wall Street, opening slightly lower after US House Speaker John Boehner's "Plan B" for a fiscal cliff proposal was rejected by President Obama. Global markets were humming along a wave of optimism that US lawmakers are close to striking a deal but markets got nervous as the deadline looms in 2 weeks and the deadlock persists. The STI is struggling to get much above 3170 while support for the index is tipped at 3140 and then 3110. F&N remains in focus after its independent advisors suggest OUE may have to sweeten its offer to make the deal coompelling. Other stocks to watch include Olam, CapitaLand and City Dev. BBR secured 2 contracts worth $182.9m to build 1,282 HDB flats.