Genting SP: is a favorite trading counter due to its share price volatility. Most technical indicators are pointing downward, which suggests negative near term momentum. Still the stock has been in a trading range btwn $2.00 - 2.35 for the most part of 4Q10, and a pullback closer to $2 may provide an opportunity to accumulate...
Today’s decline may also be partially due to news flow regarding the “unprecedented” regulatory standards which the Spore govt has set in junket licensing. This may spark concerns that the audit of junket operators will continue to drag, delaying the award of the licenses. The introduction of junkets in Spore are viewed as a catalyst which will help casinos to expand market share especially into countries such as China and Indonesia, where collection of gaming debt is unenforceable.
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