Singapore shares are expected to rise next week after the key Straits Times Index touched a six-year high, dealers said. "Investors are not just looking at the casino resort development but at the broad property market," a dealer at a local brokerage said.
The dealer said she expects the market to test the 2,550-point resistance level as it continues an up trend next week.
On Wednesday the Index hit its new high of 2,520.75, the same day bidding for the Marina Bay casino-resort site closed.
The four groups that submitted formal proposals are Harrah's Entertainment and its local partner, property developer Keppel Land; MGM Mirage and another local developer, CapitaLand; Las Vegas Sands; and Malaysia's Genting International.
For the week ending March 31, the main Straits Times index finished at 2,533.40 points, up 36.1 points or 1.44 percent from the previous week. Average volume traded totalled 1.46 billion shares worth 1.32 billion Singapore dollars (820 million US), compared with 1.498 billion shares worth 1.69 billion dollars the previous week.
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