STI Technical Analysis - 06 Oct, 2015

STI Market Review

• Singapore's benchmark Straits Times Index opened today at 2,778.59 points, up by 1.21 per cent or 33.92 points and ended 58.10 points or 2.08% higher to 2851.25. 

• STI came off from its intra-day peak of 2851.25 and low of 2822.28 Top Losers Scrip Name CMP % change SATS 3.9-1.52 THAIBEV 0.68-1.45 SIA 10.720.09 SPH 3.820.53 SIA ENGINEERING 3.720.54 Wall Street's unexpected bounce on Friday helped add some stability to Asian markets on Monday, enabling the Straits Times Index (STI) to jump 58.1 points or 2.1 per cent to 2,851.25. 

• Turnover however, remained low and concentrated in the 30 index stocks - the entire market traded just 1.1 billion units worth S$942 million of which S$697 million or 74 per cent was generated by STI components.

Market Forecast

STI is expected to be bullish tomorrow. STI has the resistance at 2860. If it breaks this level it is expected to go up till 2875. STI has its support at 2820. The bullish trend is supported by weak U.S. job data which has eased out the fear of U.S. rate hike by FED

Market Highlights

• Singapore Straits Times Index opened higher, gaining 32.50 points or 1.14 per cent to 2883.75.

• Asian stocks extended global surge on policy outlook as won jumps. Asia is set for more stock gains as US rate outlook fuels rebound.

• Miyoshi has signed a MoU on a joint venture with Fujian-based light electric-car firm Core Power Group. 

• Q&M Dental Group's indirect subsidiary is planning to acquire a 60% stake in Shenyang Lan Hai Tong Mao Medical Equipment Co, a distribution company located in Liaoning, China, for 7.56 million yuan (S$1.69 million).

• LMIRT is considering exercising put option for Jakarta mall's acquisition.

• Frasers Property in Australia and its JV partner, Sekisui House Australia, have been given the permission for their A$520 million (S$524 million) DUO, a two-tower, mixed-use project in the A$2 billion Central Park development in Sydney.

• A-Reit will issue S$300m perpetual bonds at 4.75%.

• Coca-Cola Singapore Beverages will shut its Tuas plant; commits US$100m investment.

• Ascendas Reit opened books for Sing dollar perpetual.

• China's economic slowdown is under control: Japan former FX head.

• Singapore's office rents have softened in Q3 on economic outlook.

• Singapore haze prompted banks to debate over rainforest loan standards.

• Banks should promote sustainable development, a statement by MAS.

• Dollar kept steady against emerging market currencies.

• Singapore funds are still haunted by risky credit crisis investments.

• Gold retained sharp gains after sluggish US jobs data.

• Oil extended gains in Asia.

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