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The STI is +0.8% at 3205.16, with 1.20 billion shares traded worth $1.02 billion; market breadth turns positive with 240 gainers vs 176 decliners as bargain hunting emerges in some beaten down stocks.
“I think it’s just in response to the past few days that have seen the market going down, so some bottom pickers have actually come in to pick up some stocks that they feel are quite cheap now,” says a trader at a local brokerage.
Keppel Corp. (BN4.SG) leads the STI gains, +4.1% at $11.80 after its 4Q results beat expectations, and a string of analysts raised their target prices on the stock.
Wilmar (F34.SG), Singtel (Z74.SG), CapitaLand (C31.SG) all rise over 1%. GMG Global (5IM.SG) remains the most active stock, +10.5% at $0.315, after a “Buy” initiation from BoA-Merril Lynch, the first major house to begin coverage on the rubber producer’s stock.
If the 3200 level is cleared convincingly today, it may become support, while 3220 may cap on the upside.
