said yesterday that gross earnings from its casino-resort in the second quarter fell 34% from the previous three months, lagging behind rival Marina Bay Sands, as it was hit by lower win percentages in its premium players segment.This was also 34% lower than the S$537.9mil it earned in the first quarter of this year.Its EBITDA was lower than the US$405.4mil reported by Marina Bay Sands, Singapore's only other casino owned by , for the same period.Singapore legalised casino gaming and allowed the building of two ma*sive casino-resorts in 2005 as part of a plan to boost tourism.Genting's US$4.8bil Resorts World on Sentosa island opened its doors in February last year, while the US$5.5bil Marina Bay Sands started two months later.Las Vegas Sands Corp swung to a net profit of $367.6mil in the second quarter, bolstered by improved business in Macau and Singapore, the world's two most lucrative gambling markets.- ReutersBank Indonesia spokesman Difi Johansyah had earlier said the issuance of permits to purchase banks had been suspended until a decision was made about new investment rules.The proposed regulation is designed to improve prudential practices in commercial banks by preventing a single investor dominating management.Single investors currently can own up to 99% of local banks.- AFP The FBM KLCI plunged to a low of 1,423.47 earlier of the week, summing up a total loss of 173.61 points, or 10.87% from the top of 1,597.08, dampened by the extreme volatility in global markets before paring losses to end the week moderately easier.In this respect, the recent breakdown was interpreted as a "whipsaw" or false alarm.That means, the local market is not yet bearish for now. However, investors are advised to adopt a cautious approach as Bursa is in great danger and could worsen anytime, with prevailing uncertainty clouding equities.
Technically, the curving up pictogram of the daily slow-stochastic momentum index and the 14-day RSI from the oversold area suggest Bursa is likely to rebound this week, but the upside may be limited, simply because other indicators still are weak or negative.
To the upside, the key index will now be facing resistance at the 1,500 points psychological barrier, followed by the 200-day SMA of 1,530.The upper hurdle is envisaged at the 100-day SMA of 1,545 points and the next, at the 50-day SMA of 1,555 points.FBM KLCI to the 1,396-1,400 points band.Then, the lower 1,350 points line would be vulnerable.
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