SG Market (21 Dec 12)

SG Market: S’pore shares are likely to thread water in the absence of any major moves on Wall Street ahead of the festive X’mas season and that life goes on despite the end of the Mayan calendar. Above 3170, the next technical resistance for the STI is at 3227 while underlying supports are at 3140 and 3110. The biggest disappointment of the day must be the long awaited cash offer of $1.22 by Italian shipbuilder Fincantieri for STX OSV, which is well below the $1.50-1.60 price range touted by the market. STX Group is also reported to be in talks to divest its bulk shipping unit STX Pan Ocean. Meanwhile, Ezion has launched a general offer for YHM Group with a cash offer of $0.18.