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2009-5-25 11:08:00 a.m. HKT, XFNA
DJ MARKET TALK: Macau Plays Up; Redford Tips Volatile Trade N/T
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| 1054 [Dow Jones] Macau plays higher, likely on rebound after recent falls triggered by news last week of a U.S. ruling that Pansy Ho (daughter of Macau gambling magnate Stanley Ho), who owns 50% of MGM Grand Macau, an "unsuitable" partner for gaming giant MGM Mirage (MGM). "The rally is driven by some catch-up support after recent falls, but trading in these shares is expected to be volatile in the near-term, as the earnings outlook of the Macau companies remains uncertain," says Kenny Tang at Redford. But adds sector may gain some support in run-up to Macau's new chief executive election scheduled July 26, on hopes of new economic stimulus measures. Within sector, Shun Tak (0242.HK) +3.2% at HK$4.47, Melco (0200.HK) +3.7% at HK$5.32, Galaxy (0027.HK) +4.4% at HK$2.35. These stocks down 9.2%-13.9% over past 2 sessions.(SUT) Contact us in Hong Kong. 852 2802 7002; MarketTalk@dowjones.com
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(Delayed by 1 hour)
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