Singapore’s STI remains up 0.3% at 3,239.48, rebounding slightly after yesterday’s 1.0% decline, though volume is low with 1 billion shares traded worth $909 million, as there are few domestic market drivers ahead of the earnings season, while many participants expect a period of consolidation in the days ahead.

UOB KayHian notes Friday’s bearish engulfing formation, and says “a market correction is possible over the next few days, led by the weakening in global equity indices and the SGD/USD exchange rate.” 

 

Points to a crossover in stochastics within the overbought region, indicating a sell, with volumes holding up over the last three sessions. It adds, “all eyes will be on the 3,200 support level in the coming days, where further downside can be expected if the index closes below this level.”

 

Golden Agri (E5H.SG) is the most active, flat at $0.775, followed by China Gaoxian (I4U.SG), off 1.1% at $0.445.