SG Market (21 Sept 12)

SG Market: S’pore shares may continue to see profit-taking amid the lacklustre performance of Wall Street and following the recent 90-point rally on the STI. But the undertone remains firm that that over the long term, central bank intervention would bolster markets. With little news to move the market, the STI appears unlikely to break out of recent trading ranges and likely to hold in a 3050-3088 band. Trade is likely to be quiet, with players keeping positions light ahead of the weekend. Genting S’pore and Genting HK may remain in focus after the former sold its entire 4.8% stake in Australian casino operator Echo with the latter remainin committed to raising its Echo stake. Wing Tai back in the news after putting in the top bid for the Prince Charles Crescent site. F&N may again be in the spotlight after Nomura advisest that TCC’s offer of $8.88 is too low relative to its valuation of $10.73, after ascribing a 5% discount.