Whether it is the new REIT IPO, or the potential listings of at least three special acquisition companies (SPACs), or the minor tussle - albeit temporary - for Singapore Press Holdings, or even speculative plays on potential RTO targets, some interest has returned to the local market. Against this backdrop, the Straits Times Index has remained steady, down just nine points week-on-week during Nov 8-12. This is despite volatility in the US where the indices touched new highs before falling sharply.

See: Investors head to STI as HSI is buffeted by turbulence

The STI’s break above resistance at 3,200 appears to be good. The index confirmed this break in the week of Nov 1-5. The break above 3,200 indicates an upside of 3,345. As of Nov 12, indicators remain supportive with quarterly momentum staying in positive territory. The DIs remain positively placed but ADX has eased somewhat.

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