DJ Singapore Exchange CEO: SGX-ASX Deal In National Interest Of Both Nations-Report

SINGAPORE (Dow Jones)--Singapore Exchange Ltd. (S68.SG) Chief Executive Magnus Bocker said the proposed acquisition of ASX Ltd. (ASX.AU), the operator of Australia's biggest stock exchange, will serve the national interest of both the nations, according an interview published in The Straits Times on Tuesday.

The proposed merger will help both the exchanges share technology, product development and offer customers membership of the other exchange without needing to apply for it, he said, adding that the proposal will benefit listed companies, investors, banks, brokers and the financial markets in general.

"All the reactions that I have seen so far, I'm not really surprised by. We realised what we were getting into. We decided to embark, despite seeing the risk. At least we needed to tell the market that it could be done," Bocker said in the report. 

Extremely unlikely to go back to 7.70.

SGX - Technical Analysis (by DB Warrants)

SGX stock remains in downside correction mode. The short-term downtrend that started after peaking out at 10.26 in October has pushed price down towards 8.21 around a longer-term downtrend line cleared in mid-September. The important rising 200-day moving average is coming in at 8.11. The overall bullish bias remains valid unless a decisive breach of this support occurs. Next resistance is located at 8.37, 8.48 and then 8.54/8.55. A close above the latter area would imply a good chance of short-term change in trend. Further resistance is seen at 8.72-8.78. The falling 50-day moving average is coming in at currently 8.85.

 

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FYI

 

SGX fell heavily after hitting a high at $10.26 , it reached $8.66 n rebounded . The rebounce ended ten days later to form a rising wedge . If to measure from the  point breaking the wedge , the downside target may be $7.46 .