Home THE DAILY EDGE Business STI may gain; Hongkong listing plays may be in focus
STI may gain; Hongkong listing plays may be in focus

Tags: Novo Group | Sound Global

Written by The Edge   
Thursday, 30 September 2010 08:48
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Singapore shares may still end higher on final day of September, despite Wall Street’s modest pullback, with prices propped up by last-minute window dressing as 3Q10 winds down, says Dow Jones.

Still, developers with China exposure may fall given Beijing’s new measures to curb property prices. Immediate resistance for STI, which closed +0.3% at 3,106.03 yesterday, at year-to-date high of 3,125, then 3,146 (higher end of breakdown gap formed in June 2008), with support at last week’s 3,069 low.

“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 remain on dual-listing plays,” says a trader at local brokerage.

Sound Global (E6E.SG) debuts in Hong Kong today by way of introduction; +11.7% at $0.905 yesterday. Midas Holdings (5EN.SG) in final stages of preparation for HK listing; +3.1% at $0.99. Novo Group (5MY.SG) has just received in-principle SGX approval to dual-list in HK; flat at $0.185.

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Last Updated on Thursday, 30 September 2010 08:49