POSTED BY ANGUS GEDDES
Asian markets were mixed on Monday with Japan closed for a public holiday. Hong Kong was higher, but the Macau gaming stocks were sharply lower yesterday as markets digested the incarceration of a leading industry figure on Friday. We took the opportunity to add to our positions within the sector yesterday in the FPGCF, buying additional shares in Wynn Macau and MGM China. In Australia the ASX 200 closed 0.17% lower at 5,755 and in China the CSI 300 was off by 1.07% at 3,663.
Breaking through historic resistance was never going to be easy for Wynn Macau. But we seized upon yesterday’s 5% sell off as an opportunity to add to our position. I am very confident that Macau has a huge future despite the recent arrests and political interventions. The market too in due course, will look beyond this, with Macau destined to become a major tourist and business convention destination that will be unrivalled in Asia.