SG Market: Spore stocks may extend gains buoyed by firmer Wall Street overnight; improved risk appetite following breach of key 3043 resistance yesterday but technical signals are approaching overbought levels. STI may attempt to close out the 2057-2146 breakdown gap established in Jun 08. Both Genting Spore & Genting HK likely to continue to draw interest on momentum play but stocks are grossly overbought & valuations getting stretched.
Several stock rating changes to watch out for today - Morgan Stanley initiated Overweight call on OUE with $3.34 price tgt but downgraded City Dev to Equalweight (TP: cut to $11.87 from $13.83), Wheelock to Equalweight (TP: $1.92 from $2.46), Wing Tai to Equalweight (TP: $1.84 from $2.42). Raised Keppel Land TP to $4.73 from $4.14.
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