Midday summary: STI down 0.4% at 3161, weighed by losses in Genting SP, down 3.4% on heavy volume, at $2.00 which was last hit in late March, continuing its poor run since its 1Q results. Mkt watchers may have viewed Genting's buy of 69% in Goldnature Investments negatively, due to its non-core nature, while some funds are selling out of Genting to apply for MGM China's upcoming IPO in HK...
Overall market volume is at 743m shares worth $744m, boosted by Genting's large chunk; decliners outweigh gainers 1.8 to one. Analysts tip STI support at 3150, with resistance at 3180, a level most see as a key directional indicator.
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