SG Market: Spore stocks likely to open mixed following Wall Street’s softer close on Fri with all eyes focused on SGX’s US$8.2b offer for ASX, which will create the 3rd largest exchange in Asia with a US$1.9tr market & pose a serious threat to HKSE in luring bigger new listings, high freq trading & bring in cost synergies. However, the deal will have to clear significant regulatory hurdles plus a potential political backlash in Aust.
Another concern is the high valuation premium SGX is paying for ASX with the govt poised to allow foreign competitors to operate share exchanges in Aust, ending ASX's long-held monopoly. SGX to issue statement at 9am & resume trading at 10am Support at $9.46 followed by $9.22.
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