Thursday, September 30, 2010

SG Market

SG Market: Spore shares are likely to hold their positions on final day of the Sep despite Wall Street's modest pullback with prices propped up by last-minute window dressing as 3Q10 winds down. Extension of property tightening measures in China may hurt sentiment on developers with China exposure. Immediate resistance for STI remains at 3,146 (higher end of breakdown gap formed in Jun 200 with support at 3,069.

There could be some buying activity in the blue chips given the traditional window dressing ahead of a new quarter. In the broader market, interest could centre round dual-listing plays. Sound Global debuts in HK today by way of introduction; Midas in final stages of HK listing; Novo Group just received in-principle SGX approval to dual-list in HK; China New Town proposing dual listing in HK via introduction.

On the stock ratings front, Macquarie upgraded the following to OP from Neutral & raised target prices - Suntec (TP: $1.68 from $1.20), K-Reit (TP: $1.38 from $1.05), CCT (TP: $1.66 from $1.42) & downgraded Genting to Neutral from OP & cut its TP to $1.75 from $2.10, citing lower long term projections.

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