Singapore’s STI rises 0.6% to 3204.94, bouncing after three consecutive sessions of declines amounting to 2.0%, amid broadly positive regional markets after the DJIA’s rise Friday.

327 million shares have been traded thus far worth $215 million. Phillip Securities technical analyst Phua Ming Weii says the benchmark’s severely oversold short term conditions, which may be helping today’s bounce. 

 

He says markets should be watching the FOMC’s statement Wednesday and the RBNZ’s rate statement Thursday, which “could be important for the commodity outlook, which of late, has been associated with Asian markets.” 

 

He adds, “strategically, things look okay,” more consolidation or declines are possible in the shorter term, “but in the longer term, this might be a ’buy on dips’” scenario. 

 

Golden Agri (E5H.SG) top traded today, is up 2.8% at $0.73; all STI plays are higher, barring Singtel (Z74.SG) which is flat at 3.04, and transport plays, with ComfortDelGro (C52.SG) off 0.6% at $1.61, SMRT (S53.SG) is off 0.5% at 2.08.