STI Technical Analysis - 22 Sept, 2015

STI Market Review

• Singapore share prices opened lower on Monday with the Straits Times Index (STI) down 21.85 points or 0.76 percent to 2,857.74 and ended 2.7 points or 0.09% higher to 2882.27. STI came off from its intra-day peak of 2886.39 and low of 2854.67. 

• Top Losers Scrip Name CMP %change NOBLE 0.47-4.08 OLAM INTL1.995-2.21 SGX 7.55-2.2 JARDINE C&C 28.79-1.71 GOLDEN AGRI-RES 0.305-1.61 Singapore market finished a marginal 0.1 per cent higher on Monday, with the Straits Times Index advancing 2.68 points to 2,882.27 on its first day without the two major Jardine group stocks in nearly two decades.

Market Forecast

STI is expected to take side ways trend. It is trading within the range of 2830 - 2905. It has its resistance at 2905. If it breaks this level it is expected to go up to level of 2920, it has its support at 2843.

Global Factors & World Indices

• Singapore market finished a marginal 0.1 per cent higher on Monday, with the Straits Times Index advancing 2.68 points to 2,882.27 on its first day without the two major Jardine group stocks in nearly two decades.

• Malaysian shares ended lower on Monday with the Kuala Lumpur Composite Index slipping 29.98 points to close at 1,639.47.Some 1.6 billion lots, valued at RM1.87 billion were traded. Gainers numbered 274 while losers numbered 526.

• Hong Kong stocks sagged on Monday, weighed down by broad weakness in markets amid lingering worries about global economic growth. Hang Seng index fell 0.8 per cent, to 21,756.93, while the China Enterprises Index lost 1.3 per cent to 9,899.37 points.

• Asian shares and emerging currencies fell on Monday after the US Federal Reserve's decision to keep interest rates at record lows raised fresh concerns about growth globally, particularly in China.

• Australian shares fell 2.6 per cent on Monday, tracking negative cues from Wall Street after the US Federal Reserve's decision to keep interest rates on hold last week sparked uncertainty about global growth.

• Greece's current account surplus widened sharply in July from the same month a year earlier, mainly due to a 1.8 billion euro (S$2.87 billion) inflow of bond gains from the European Central Bank which boosted the income balance, the Bank of Greece said on Monday.

• US Federal Reserve's decision not to hike interest rates last week sent forex traders running to safer assets Monday, with higher-risk emerging-market currencies taking a hit.

• US oil prices narrowed their discount to international benchmark Brent as a supply glut in North America abated even as it grew elsewhere..

• Gold held close to its highest level in nearly three weeks on Monday, boosted by safe-haven demand after the Federal Reserve's move last week to leave US interest rates unchanged weighed on global equities.