SG Market (20 Sept 12)

SG Market: S’pore shares may stumble on technical grounds despite small gains on Wall Street but any fall may be limited as investor risk appetite has expanded following concerted stimulus moves by the ECB, Fed and BoJ. Players will likely be watching for HSBC's flash China manufacturing PMI data for Sep. The convergence of the 20 and 50-day moving averages at 3030-3040 zone is likely to offer support, while the 3088 year-to-date high will likely remain as resistance. Among stocks likely in focus, Genting Group plans to continue seeking Australian regulatory approval to increase its Echo stake even though Genting S’pore sold its entire 4.8% stake; while Genting HK retains its 5.1% stake. Raffles Edu buys 18.5 ha site in Nusajaya, Johor for RM75m to build its Raffles American school. SingTel acquired photo-sharing app-maker Pixable for US$26.5m. Otto Marine sold a work maintenance vessel for US$38.0m in a leaseback deal.