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Singapore’s STI rises 0.5% to 3199.97, tracking gains in most regional markets after the Dow Jones Industrial Average edged closer to 12,000 than it has been in 2 and a half years on deal activity.
Market breadth is positive at over three gainers per decliner, but volume is unexciting at 214 million shares worth $197 million. However, UOB KayHian reiterates its “neutral-negative” outlook on the STI “as the index has slipped into a tight trading range between the key levels of 3118 and 3219.”
Market breadth is positive at over three gainers per decliner, but volume is unexciting at 214 million shares worth $197 million. However, UOB KayHian reiterates its “neutral-negative” outlook on the STI “as the index has slipped into a tight trading range between the key levels of 3118 and 3219.”
It says downside momentum is building up as technical indicators such as MACD and moving averages are showing bearish signals. It tips immediate support at 3100.
CapitaLand (C31.SG), F&N (F99.SG) and StarHub (CC3.SG) are the only STI names in the red. China Gaoxian (I4U.SG) is the most active stock, down 11.4% at $0.390, giving back some of its recent sharp gains ahead of its planned Korean dual listing.
