STI Technical Analysis - 10 Dec, 2015

Market Review for STI

Singapore's share prices opened lower on Wednesday with the Straits Times Index down 5.24 points to 2,870.64 and ended lower to 14.84 points or 0.52 percent at 2861.19. STI came off from its intra-day peak of 2874.20 and low of 2860.02

Market Forecast

• STI is expected to be negative in its next trading session.It has its support at 2858 and resistance at 2890.The investors are weighed down by sluggish global markets and cautious ahead of an expected US rate hike next week.

• Also the negative sentiment has gained weight over the Chinese factories data which showed factories were plagued by persistent producer price deflation.

STI Market Analysis - 08 Dec, 2015

STI Market Review

Singapore Market opened lower on Tuesday with the Straits Times Index (STI) down 17.16 points to 2,883.76 and ended lower to 24.89 points or .86 percent at 2876.03.STI came off from its intra-day peak of 2886.37 and low of 2865.64.Straits Times Index declined 0.83% in midday and the Market breadth was negative. Excluding warrants, decliners out number gainers 234 to 70 at mid-day.

Market Forecast

STI is expected to consolidate with negative sentiment in its next trading session. It has its support at 2855 and resistance at 2890. Investors are cautious over sluggish global markets, as slumping oil prices dented their confidence ahead of a likely US rate hike.The investors are also weighed down by weak China trade data, which has added worries.

STI Weekly Analysis - 04 Dec

Weekly Wrap of STI

• The STI opened at 2871.05 on Monday and closed higher to 2879.05 on Friday. This week was very much affected with the global news STRAIT TIMES WEEKLY WRAP Starting with the International Monetary Fund (IMF) on Monday and ending with the European Central Bank (ECB) on Thursday. 

• Straits Times Index managed three consecutive days of rises between Tuesday 2879.05 and Thursday which helped it record a 20-point or 0.7 per cent gain for the week at 2,879.05.

• The 30 constituents of the benchmark Straits Times Index (STI) will remain unchanged following the conclusion of the latest quarterly review. Most markets ended lower in reaction to comments from the US Federal Reserve, similar to that of the US the day before.

• ECB eased its monetary policy by lowering its deposit rate by 0.1%. Surprisingly, the U.S. dollar sold off and the Euro rallied which should not be the case. But could this be temporary as Federal Reserve Chairperson Yellen remained steadfast in her stand to raise . 

• An important U.S. jobs report is due out and as usual, the world will be watching again what Yellen would do to U.S. interest rates.

Market Forecast for Week Ahead

STI is expected to be negative next week. STI has taken support near 2855 and expected to break this support next week as market is expecting a fall in oil prices after the OPEC meeting. It has its resistance at 2900. If it breaks this resistance than it might go up to 2930.

STI Technical Analysis - 03 Dec, 2015

Market Review

Singapore's benchmark Straits Times Index opened lower on Thursday at 2,858.96, down 24.68 points or 0.86 per cent, after an oil price slide ahead of an OPEC meeting and ended higher to 0.3 points or 0.01 percent at 2883.9. STI came off from its intra-day peak of 2890.03 and low of 2857.499.

Market Forecast

STI is expected to consolidate within the range of 2870-2900. It has its support at 2855 and resistance at 2905. If it breaks this resistance it might go up to 2925. Investor's sentiment are cautious over the hawkish comments from Federal Reserve Chair Janet Yellen reinforced the case for an interest rate hike later this month.

 

STI Counter Specific News

• SMRT Corporation will collaborate with the Agency for Science, Technology and Research to develop technologies to improve Singapore's transport network reliability and performance.The five-year agreement will bring together the rail operations and engineering capabilities of SMRT, the strengths in sensor networks and data analytics of I2R.

• Ascendas Hospitality Trust (AHTrust) will pay A$120 million ($124 million) for the serviced apartments component of a mixed-use development at 224-252 La Trobe Street, Melbourne, Australia.The property is freehold and comprises 252 units of apartments, on levels 10 to 32 of a 92-storey development.

• Q&M Dental Group (Singapore) plans to restructure its stake in Qinhuangdao Aidite High Technical Ceramic Co, ahead of a possible listing of the China-based manufacturing subsidiary.As part of the restructuring, Aidite will reduce its equity capital to RMB23.97 million ($5.3 million) from RM47 million.

STI Technical Analysis - 02 Dec, 2015

Market Review

• Singapore's benchmark Straits Times Index was at 2,895.17 points at 9.07am on Wednesday, up 24.91 points or 0.87 per cent and ended lower to 13.4 points or 0.47 percent at 2883.6. STI came off from its intra-day peak of 2902.80 and low of 2880.86. 

• Singapore equities nudged up at noon and amid mixed trading in other Asian markets as investors pondered over the US Federal Reserve's interest-rate outlook after a surprise contraction in U.S manufacturing.

Market Forecast

STI is expected to consolidate in next trading session.It moved just above its support level at 2880. It has its next support at 2854 and resistance at 2948. Investors are likely to remain cautious amid the US Federal Reserve's interest-rate outlook after a surprise contraction in U.S manufacturing output, missing the median estimate of 50.5.

STI Counter Specific News

• Frasers Property and joint venture partner Sekisui House launched DUO to the Australian market last week, putting on sale were one-bedroom suites from A$625,000, one bedroom apartments from A$700,000, two-bedroom apartments from A$1,180,000 and three-bedroom dual-key apartments from A$1,930,000.

• Marine logistics firm Marco Polo Marine and rig builder Sembcorp Marine fired salvoes at each other in an ongoing contractual dispute over a US$214.3 million ($303 million) rig building contract. The contract, which Marco Polo first terminated in November, was in turn terminated by Sembcorp's PPL Shipyard after it said Marco Polo failed to pay a progress payment plus interest.

• Intraco has won another $3.2 million by an arbitration tribunal in its long-drawn feud with privately-held Timor Global over a 2007 joint venture agreement.The trading company had already won a sum of $6.6 million out of its total claim of $9.8 million against Timor Global, although that was before interests and costs.

STI Technical Analysis - 30, Nov, 2015

STI Market Review

SINGAPORE'S benchmark Straits Times Index (STI) opened 6.89 points or 0.24 per cent at 2871.05 ahead of a week of news flows in the month, and ended higher to 8.8 points or 0.31 percent at 2867.9.STI came off from its intra-day peak of 2877.53 and low of 2856.61. 

Market Forecast

STI is expected to consolidate with negative sentiment in its next trading session as it has broken its support level at 2877. It has its next support at 2852 and resistance at 2944. Investors are cautious over increasing worries for demand of steelmaking as the contracts on the Singapore Exchange tumbled more than 3 per cent and the rate hike by Fed in mid december is also a major concern for investors and over decision to be made by ECB on their monetary policy.

 

STI Counter Specific News

• OKP Holdings, the infrastructure and civil engineering company, have won a $94.6 million contract by the Land Transport Authority.Wholly-owned subsidiary, Or Kim Peow Contractors (Private) Limited will construct a viaduct from the Tampines Expressway to the Pan Island Expressway (Westbound) and Upper Changi Road East.
• Advance Technology Holding, is seeking a voluntary delisting of Sinotel Technologies, after recently acquiring a 80.5% stake in the company.Advance is making a cash offer of 12.8 cents for all the shares it does not own which is 50.6% higher than the last traded price of 8.5 cents.
• Alliance Mineral Assets company has signed a distribution contract with Mitsubishi Corp. to supply Tantalite concentrate.The material is widely used in the production of capacitors in the electronics industry.The mining company said that although the latest supply contract is the first initial sample, it expects further orders.The stock is up 3.2% at $0.128, outperforming the Straits Times Index's 0.4% rise.

STI Technical Analysis - 26 Nov, 2015

STI Market Review

• Singapore shares opened marginally lower on Wednesday as the Straits Times Index (STI) dipped 0.48 point, or 0.02 per cent, to 2,923.01. and ended 31.91 points or 1.09% lower to 2851.25. 

• STI came off from its intra-day peak of 2928.42 and low of 2891.58. Top LosersScrip NameCMP%changeSIA ENGINEERING3.58-2.98 GENTING SING0.775-2.52KEPPEL CORP6.7-2.05GLOBAL LOGISTIC2.09-1.88HPH TRUST USD0.53-1.85 

• Share prices in the local bourse finished on a low note with the key Straits Times Index falling 32 points or 1.09 per cent to 2,891.58.Jitters over geopolitical tension after Turkey shot down a Russian fighter jet kept investors on the sidelines across the regional markets.

Market Forecast

STI is expected to consolidate within the range of 2880 - 2840. STI has the resistance at 2840 and has its support at 2880.If it breaks this level it is
expected to go down till 2850. Market sentiment are cautious over the Fed decision in next month over the hike of U.S. Interest rate and due to geopoilitical tension between Turkey and Russia.

Market Highlights

• Singapore share prices opened a marginal 0.3% higher, with the STI up 8.65 points to 2,900.23, following the Wall Street gains.

• KLW has withdrawn its action filed against Michael Chan Ewe Teik for the repayment of S$7 million.

• PSL Holdings has acquired an approximately 49% stake in Indonesia-based marine logistics player PT Momentum Indonesia Investama.

• KS Energy acquired the 20% stake in Ocean Offshore Engineering for S$2.34 million. 

• Cordlife is currently in discussions with various parties on opportunities relating to acquisitions, divestment and joint ventures.

• Ministry of Trade and Industry in Singapore has announced to extend the block exemption order for liner shipping agreements for another 5-yrs until Dec 31, 2020.

• Businesses in Singapore feels that the government initiatives have become increasingly business friendly.

• Oil prices ended higher after a US inventory report indicated increased petroleum supply, but a separate report showed fewer drilling rigs in service.

• Indonesia : new Opec member which surprisingly likes lower oil prices.

• Gold gained on a softer dollar and heightened tensions after Turkey shot down a Russian warplane, but the rally was limited due to expectations of a US rate hike next month. 

• Euro fell against most major currencies on expectations of further European Central Bank monetary stimulus.