Home THE DAILY EDGE Business STI turns up, +0.3%; likely bargain hunting
STI turns up, +0.3%; likely bargain hunting

Tags: DBS | OCBC | UOB

Written by Dow Jones & Co, Inc   
Friday, 29 October 2010 15:25
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STI up 0.3% at 3139.29, turning tad positive after spending most of day around par, but decliners on broad market still outnumber risers, 1.6 to 1; moderate rise, amid mostly weaker regional markets, probably reflects some players coming back in to buy after Wednesday’s steep 1.2% fall, which was index’s biggest intraday move since late June; however, analysts say next week’s FOMC meeting likely to be game changer, size and scope of any QE measures announced will decide short term direction. 

UOB (U11.SG) down 0.7% at $18.58, largely unmoved by 3Q net profit, which while topping market also confirm this year’s margin compression story for Singapore banks; peers DBS (D05.SG) down 0.1% at $13.92, OCBC (O39.SG) down 0.3% at $8.97. STI support likely at 3119, 3150 midpoint of Wednesday’s dark candle likely cap.
 
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Last Updated on Friday, 29 October 2010 15:27