Weekly Wrap STI
- Straits Times Index (STI) opened at 2887.41 and ended -8.44 points or 0.29% lower to 2879.59 this week. STI came off from its weekly peak of 2919.77 and low of 2837.59.
- STI was up 0.1% at 2,898.27 shortly after the open, showing the muted reaction of investors to the US Federal Reserve's overnight decision to leave its benchmark interest rate unchanged.
- Singapore's industrial production for August is forecasted to fall by 5% on- year mainly as demand weakens due to economic slowdown in China. The pace of downward revisions for corporate earnings in Singapore and Asean has slowed this month. Consensus downward revisions have slowed to 0.2% for MSCI Singapore companies, from 1.5% average downward revisions for earnings in August.
STI Weekly Wrap
| Open | 2887.41 |
| High | 2919.77 |
| Low | 2837.59 |
| Close | 2879.59 |
| Change (in points) | -8.44 |
| % Change | -0.29% |
Weekly Technical View On STI
| Support 1 | 2800 |
| Support 2 | 2760 |
| Support 3 | 2700 |
| Resistance 1 | 2930 |
| Resistance 2 | 3000 |
| Resistance 3 | 3055 |
Market Forecast for the Week
STI was in consolidation this week. As FED did not increase the US ineterest rate, market is expected to be positive next week. It is expected to move in the range of 2800 - 2930. However, if it breaks the resistance level of 2930, it is expected to go up till 3000.
Market Highlights
- Singapore share prices opened lower with the Straits Times Index (STI) down 21.85 points or 0.76 per cent to 2,857.74.
- Olam Intl is eyeing at US$2.72bn opportunity for acquisitions from commodity crisis.
- Sembcorp has agreeed to divest SembSita Pacific for A$485m.
- Ascendas Reit is snapping up a portfolio of 26 logistics properties at one go for A$1.01 billion (S$1.02 billion).
- Oil prices edged up as US drilling declines.
- Police arrested 27-year-old man over Singapore Grand Prix track invasion.
No comments:
Post a Comment