STI Technical Analysis - 25 Sept, 2015

STI Market Review

• Singapore share prices opened lower on Wednesday with the Straits Times Index (STI) down 11.23 points or 0.39 per cent to 2,857.24 and ended 22.73 points or 0.79% lower to 2845.74. STI came off from its intra-day peak of 2860.10 and low of 2827.19. 

• Top Losers Scrip Name CMP %change NOBLE 0.45-3.23 WILMAR INTL 2.64-2.58 SEMBCORP IND 3.53-2.22 GENTING SING0.73-2.01 SGX7.27-1.89 Singapore stocks traded weaker at noon after another weak reading of manufacturing data from China that is closely watched for what it says about the health of the world's second largest economy.

Market Forecast

• STI is expected to moves up in next trading session as it has formed inverted hammer and also buying pressure was higher in later half of the trading session today. It has broken its support level of 2930 today. 

• It has its next at support level at 2850, if it breaks this level it may down till 2830.If has its resistance at 2860. Investor sentiments are cautious over the slowdown of china's economy and increased expectation by FED to increase interest rate by the end of this year.

Market Highlights

• Singapore shares opened 0.7 per cent lower, with the Straits Times Index down 19.5 points to 2,826.24 after US Federal Reserve chairwoman Janet Yellen said in overnight remarks that she was personally supportive of a rate hike this year.

• Asian stocks rallied after Yellen points to 2015 rate increase.

• Fed still on track for US rate hike this year.

• Weak Japanese data weighed on oil markets.

• TMC failed to get reserve price at auction of Peninsula Plaza lots.

• Emas Offshore named Ezra ex-COO as CEO.

• China New Town suspended vice-chairman Shi Jian over sister company's probe.

• EGM held by controlling shareholder of KLW.

• UBS &DBS are said among buyers in US$6.5b China Post deal.

• Bank of Singapore seeing small Asia wealth managers under pressure.

• US dollar gained as Yellen eyes rate hike by year's end.