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The STI is +0.3% at 3231.62, extending gains in the afternoon helped by gains for rig builders after Keppel Corp. (BN4.SG) announces yet another order win.
Overall market volume is tepid at 975 million worth $953 million, with 272 gainers and 1823 decliners. After the STI made a sharp 1.2% rise yesterday, UOB KayHian says “technicals may appear to be turning positive but we advise investors not to plunge into the market.”
Overall market volume is tepid at 975 million worth $953 million, with 272 gainers and 1823 decliners. After the STI made a sharp 1.2% rise yesterday, UOB KayHian says “technicals may appear to be turning positive but we advise investors not to plunge into the market.”
The house says it prefers to stay on the sidelines “until we get more positive technical signals, such as MACD buy signal, moving average cross-over or simply a higher high and higher low.”
It says support remains at 3100. Keppel extends gains after lunch with news it secures another high-spec jackup rig contract, while peers SembCorp Marine (S51.SG) and SembCorp Industries (U96.SG) ride its coattails, +2.8% at $5.53 and +2.5% at $5.24, respectively. Other notable STI gainers include NOL (N03.SG), +3.7% at $2.26 and SIA Engineering (S59.SG), +2.2% at 4.27.
