STI Technical Analysis - 07 Oct, 2015

STI Market Review

Singapore benchmark Straits Times Index (STI) edged slightly downwards on Wednesday morning, losing 2.56 points or 0.09 per cent, to 2,894.85 points and ended 64.40 points or 2.22 % higher to 2961.80. 

STI came off from its intra-day peak of 2968.06 and low of 2882.85.Top Losers Scrip Name CMP%change GOLDEN AGRI-RES0.37- 2.63 ASCENDAS REIT 2.38-0.83 SIA 10.64-0.56 SINGTEL 3.75-0.27 CAPITAMALL TRUST1.970.51Singapore stocks posted gains at noon, in line with advances in most other Asian markets.

The region's rally stemmed from doubts about the pace of recovery in the US, which has increased the likelihood of a longer period of lower rates and pressured the dollar, which has helped boost Asian currencies.

Market Forecast

STI is expected to be bullish in next trading sessions. STI has broken its resistance of 2950. It is expected to go up till 2980. It has its support level at 2875. Technically STI is expected to be bullish as indicators like MACD, RSI and CCI are indicating bullish trend in near future.

Market Highlights

• Singapore share prices opened stronger, with the Straits Times Index (STI) up 16.47 points or 0.56 per cent to 2,978.28, following gains on Wall Street.

• Asia followed Wall St gains, while brace for return of China markets.

• Chinese stocks jump at open, catching up after global market rebound.

• Noble Group's chief aluminium trader in Europe, Erik Gundersen, will be leaving the Asian commodities merchant.

• UOB record 42 per cent jump in revenue for the first half of this year from a year ago.

• CDL Hospitality Trusts has opened Claymore Connect following a renovation exercise, which started in December 2013.

• Oxley Holdings clarified that the reported acquisitions in International Healthway Corp (IHC) by its chief executive Ching Chiat Kwong and deputy CEO Low See Ching are "personal and independent investment decisions". 

• Ascott triples units have been added in SEA.

• SingPost completed successfully test flight of drone for mail delivery.

• PEC warned of loss as S$19m is outstanding from Jurong Aromatics Corporation.

• Kwek/Quek family in Malaysia and Singapore is sixth-richest in Asia.

• Dollar little changed as compared to euro & yen.

• Oil fell down after rise in US inventories,& production.

• Gold climbed to one-week high on signs of slowing Global economic growth.

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