STI Weekly Wrap
- Straits Times Index (STI) opened at 2855.04 ie., 24.55 or 0.85% lower and ended at 2832.64 ie., 46.95 points or 1.63% lower to 2832.64 this week. STI came off from its weekly peak of 2904.98 and low of 2816.76.
- Singapore's August industrial production data due later today will likely hint at a risk of a technical recession, says DBS.
- A technical recession occurs when there are two consecutive quarters of decline in gross domestic product. According to prediction a 6.8% on-year decline in industrial output in August.
Strait Times Weekly Wrap
| Open | 2855.04 |
| High | 2904.98 |
| Low | 2816.76 |
| Close | 2832.64 |
| Change (in points) | -46.95 |
| % Change | -1.63% |
Weekly Technical View
| Support 1 | 2800 |
| Support 2 | 2755 |
| Support 3 | 2695 |
| Resistance 1 | 2915 |
| Resistance 2 | 2950 |
| Resistance 3 | 2990 |
Market Forecast
STI
remained in negative sentiment this weak. It is expected to
consolidate next week. It has it weekly support at 2800. STI may take
reboud after taking support at 2800.
Concern
over US interest rate has
increased after FED officials and
Janet Yellen made a statement supporting rate hike by the end of this
year.
Market sentiment over slowdown of China’s economy is also negative.
STI Counter Specific News
- IPS Securex Holdings has placed out 8.9 million shares to "certain institutional investors" at 71 cents per share to raise $6.32 million.
- Ezra Holdings says Capt. Adarash Kumar Chranji Lal Amarnath has stepped down as group chief operating officer and executive director of the company effective Friday. His resignation is in compliance with the Code of Corporate Governance 2012 of having independent directors making up at least half of the board.
- Emas Offshore named Ezra ex-COO as CEO.
- NOL couldn't explain high volume, except maybe market talk of Temasek selling stake.
- Olam Intl is eyeing at US$2.72bn opportunity for acquisitions from commodity crisis.
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