SG Market: Spore stocks expected to be range bound amid little direction from Wall Street as the pendulum swings back & forth. The STI failed to penetrate the 3040 top for the 3rd time in 5 months & momentum indicators suggest that the market is due for a pause.
The STI constituent stocks remain unchanged following its half year review dispelling earlier suggestions that YZJ & Keppel Land would be included at the expense of SMRT & ComfortDelgro. Genting HK will again be in the limelight following news reports that casino contracts awarded to 4 groups developing the US$5bn Manila Bay Entertainment City may be illegal as there was no public bidding. While the news is a potential setback to GENHK’s long term expansion plans, it will enable Resorts World Manila to enjoy monopoly status in the high end segment for yet a while.
Other stocks in focus will be the China consumer plays such as China Hongxing, which will ride on the country’s consumption story ahead of its National Day & Golden Week holidays on Oct 1-7.
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