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Singapore’s STI is up 0.1% at 3251.94 midday, continuing its rangebound consolidation. REITs and banks are mostly higher, while palm stocks are strong on rising commodity prices and bullish supply/demand dynamics for CPO; property developers are mostly lower.
962 million shares are traded worth $1.03 billion with two gainers for every decliner on the broad market. A trader at a local brokerage says “the market’s been flat for some time already, there’s really nothing we can say about it until it breaks out of this range.”
Separately, Phillip Securities says it’s watching for a breakout above resistance at 3257/3258 and possibly a push towards 3270 and 3280. It says minor support lies at 3235/3232 before key support at 3225/3220.
Among STI names, Golden Agri-Resources (E5H.SG) rises 1.3% to $0.770, and Singapore Exchange (S68.SG) gains 2.2% to $8.69. The top two most actives are Raffles Education (E6D.SG) up 6.7% at $0.320, and OUE (LJ3.SG) off 3.9% at $3.44.
