STI up 0.2%

More gains are likely following positive leads from risk assets.

IG Markets Singapore noted:

Closer to home, Asian bourses enjoyed a productive day of gains yesterday. The STI lifted 0.2% to cement its position above 3200 which it is beginning to look more comfortable with.

More disappointment though on the Fraser & Neave front as TCC extended its deadline for the sixth time without any change in its offer price. The new deadline is now one day after OUE’s 14 January one in a continuation of these schoolyard games between the two rival bidders.

To comply with takeover regulations either party has to table a final bid shortly, so the fun and games aren’t over yet.

Today the futures market points to a 0.3% firmer open for the STI, but given all the positive leads from risk assets overnight it seems likely we could add to these gains after the open.

OCBC Investment Research meanwhile said:

The continued recovery on Wall Street overnight and the surge by the Nikkei225 index (up 1.6% now) are likely to cue the local bourse to another strong opening this morning.

With the index just hovering below the 3230 immediate resistance after yesterday’s 0.2% gain, the recent bearish technical signs could be invalidated should the index gap up above this key level today.

Subsequently, the index is likely to resume its uptrend move towards the next obstacle at the 3280 resistance (key peak in Jan ’11).

On the downside, the immediate base is still pegged at the 3200 psychological support, with the next support at the 3150 key base.

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