STI up 0.6%

Gains for January are forecast at more than 3%.

OCBC Investment Research said:

The higher Wall Street close last Friday night could continue to inspire the local bourse to further gains this morning.

After overcoming the 3230 resistance late last week, the STI maintained its upside momentum to close more than 0.6% higher last Friday.

With today’s tone likely to remain fairly buoyant, we could see the index marching towards the next resistance around 3280 (key peak), with the subsequent obstacle pegged at the 3300 psychological resistance.

On the downside, 3230 is now the firm resistance-turned-support, ahead of the 3200 psychological support.

IG Markets Singapore meanwhile noted:

On Friday, the STI pushed to a new high as it lifted 0.6% higher and looks set to notch up gains of more than 3% for the first month of the year.

Inevitably penny stocks have come back into focus and are seeing higher volumes as traders up the ante for risk assets.

The local market has also been helped by the F&N takeover battle which finally saw one of the bidders raise their offer price last week and put the spotlight on the untapped value of Singapore’s blue chips.

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