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Singapore shares pull back in light trade as investors inclined to pare holdings while waiting for fresh leads, but prices may still head back up as session progresses judging from bounce off early lows.
STI off 0.2% at 3175.17 vs down 0.5% at 3164.40 in opening minutes. Support expected at 3150, resistance at last week's 3216 peak. “If (the pullback) goes on for another two to three weeks, we could be staring at a head and shoulders top, which is traditionally bearish,” says Phillip Securities.
STI off 0.2% at 3175.17 vs down 0.5% at 3164.40 in opening minutes. Support expected at 3150, resistance at last week's 3216 peak. “If (the pullback) goes on for another two to three weeks, we could be staring at a head and shoulders top, which is traditionally bearish,” says Phillip Securities.
NOL (N03.SG) among weaker performers for blue chips, down 0.9% at $2.19, on concerns freight rates will continue to decline. In broad market, good mix of small, large caps among most heavily traded, including Guangzhao Industrial Forest (G21.SG) off 5.3% at $0.09, Golden Agri-Resources (E5H.SG) +2.0% at $0.755, Freight Links Express (F01.SG) flat at $0.075.
