STI Market Review
SINGAPORE'S
benchmark Straits Times Index (STI) opened 6.89 points or 0.24 per
cent at 2871.05 ahead of a week of news flows in the month, and ended
higher to 8.8 points or 0.31 percent at 2867.9.STI came off from its
intra-day peak of 2877.53 and low of 2856.61.
Market Forecast
STI is expected to
consolidate with negative sentiment in its next trading session as it
has broken its support level at 2877. It has its next support at 2852
and resistance at 2944. Investors are cautious over increasing
worries for demand of steelmaking as the contracts on the Singapore
Exchange tumbled more than 3 per cent and the rate hike by Fed in
mid december is also a major concern for investors and over decision
to be made by ECB on their monetary policy.
STI Counter Specific News
- OKP Holdings, the infrastructure and civil engineering company, have won a $94.6 million contract by the Land Transport Authority.Wholly-owned subsidiary, Or Kim Peow Contractors (Private) Limited will construct a viaduct from the Tampines Expressway to the Pan Island Expressway (Westbound) and Upper Changi Road East.
- Advance Technology Holding, is seeking a voluntary delisting of Sinotel Technologies, after recently acquiring a 80.5% stake in the company.Advance is making a cash offer of 12.8 cents for all the shares it does not own which is 50.6% higher than the last traded price of 8.5 cents.
- Alliance Mineral Assets company has signed a distribution contract with Mitsubishi Corp. to supply Tantalite concentrate.The material is widely used in the production of capacitors in the electronics industry.The mining company said that although the latest supply contract is the first initial sample, it expects further orders.The stock is up 3.2% at $0.128, outperforming the Straits Times Index's 0.4% rise.
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