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STI last +0.4% at 3237.01, tracking gains across region after U.S. markets respond positively to Fed’s US$600 billion ($771 billion) easing program.
But gains fairly modest so far, reflecting investor caution ahead of long weekend (during which U.S. payrolls will be released), with Singapore markets shut tomorrow for public holiday; “I think we’ll probably get a little bit of a chance to take profit because the market has done very well recently and we’re going into a long weekend...that makes sentiment a little bit more jittery,” says analyst at local brokerage.
But gains fairly modest so far, reflecting investor caution ahead of long weekend (during which U.S. payrolls will be released), with Singapore markets shut tomorrow for public holiday; “I think we’ll probably get a little bit of a chance to take profit because the market has done very well recently and we’re going into a long weekend...that makes sentiment a little bit more jittery,” says analyst at local brokerage.
Adds reaction to Fed was always going to be muted as market’s recent rally mostly priced in QE2. DBS (D05.SG) last +0.7% after its 3Q net profit beats consensus, thanks to trading gains; Cosco (F83.SG) +2.0% at $1.98, after its 3Q results show 147% on-year rise in net profit. Medium-term hurdles for STI at 3250, then May 2008 peak at 3267.
