STI Technical Analysis - 09 Oct, 2015

Market Review STI

• Singapore benchmark Straits Times Index (STI) opened stronger on Thursday, with the Straits Times Index (STI) up 16.47 points or 0.56 per cent to 2,978.28 following gains on Wall Street but went down during the day and ended 14.80 points or 0.50% lower to 2942.21. STI came off from its intra-day peak of 2983.62 and low of 2942.21.

• Singapore stocks inched lower at noon, amid mixed trading in other Asian markets after three days of solid gains, as the euphoria that followed a readjustment of expectations regarding interest rate rises in the US wears off.

Market Forecast STI

• STI is expected to consolidate in next trading sessions. STI has its resistance at 3000. If it breaks this level, it is expected to go up till 3030. 

• It has its support level at 2930 Technically STI is expected to be bullish as total foreign reserves has increased by 5.4% as compared to last year.

Market Highlights

• Singapore shares opened stronger with the Straits Times Index up 22.94 points or 0.78 per cent at 2,969.97 after the minutes of the US Federal Reserve's latest meeting showed no urgency to raise interest rates.

• Noble Group has hired former oil trader Wael Amer to build up its operations in the Middle East and North and East Africa. 

• Singtel is investing S$400 million in a Tier 3-Plus data centre in Jurong to meet the growing demand for co-location and cloud services in Singapore. 

• DBS, OCBC, UOB will be expected to disclose policies framing their risk assessment of environmental, social and governance factors for lending, under new guidelines set by the Association of Banks in Singapore.

• Oxley mulled Catalist listing of restructured Malaysian property development business.

• ICBC Singapore cleared Asia's 1st RMB transaction on newly launched CIPS.

• Yuuzoo secured the rights to organize and, co-host upcoming gaming event in China.

• Ascott triples units have been added in SEA.

• IMF said amid 'new mediocre' no room for mistakes by central banks.

• US dollar fell considerably after Fed minutes show inflation worries.

• Oil prices bounced back in Asia.

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