STI Market Review
- Singapore shares opened higher on Wednesday. At 9.01 am, the benchmark Straits Times Index was up 26.68 points, or 0.94 per cent, at 2,868.62 and ended 26.80 points or 0.94% higher to 2868.74.
- STI came off from its intra- day peak of 2886.85 and low of 2855.78. Top Losers Scrip Name CMP %change NOBLE0.45-2.17 GOLDEN AGRI-RES0.305 1.61 STARHUB 3.54-0.56 DBS 17.43-0.34 SIA ENGINEERING 3.64-0.27 Singapore stocks traded lhigher at noon on Wednesday. STI gains 0.88% to 2,867.00 at midday.
Market Forecast
STI is expected to take side ways trend. It has broken its resistance level of 2870, its support level is at 2825. If it breaks this level it is expected to go down to level of 2800, it has its resistance at 2890. Investor sentiment are cautious over the pending FED decision to increase the interest rate.
Market Highlights
- Singapore stocks opened 13.97 points or 0.49 per cent higher at 2,882.71.
- Singapore’s non-oil domestic exports (NODX) continued to be in negative territory in the third quarter.
- Crude prices rallied Wednesday after a US petroleum supply report showed lower inventories and oil production.
- Gold prices rallied to their highest level in a week as a weaker dollar and declining inflation bolstered hopes the Fed would stand pat on interest rates.
- A Federal Reserve decision to boost interest rates would give a lift to large US banks.
- The dollar pulled back against the euro Wednesday on the eve of a Federal Reserve interest rate decision that could see the first hike in more than 9 years.
- Frasers Property Australia - formerly known as Australand - has secured over A$275 million worth of new development projects over the last 12 months.
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