STI closes more than 1.2% higher

The index benefited from Europe’s strong start, with Singapore the only Asian market still trading when Europe opens.

OCBC Investment Research said:

The further correction on Wall Street overnight and the negative Nikkei start (-0.4% now) are likely to cue the local bourse to a similar retreat this morning.

As a recap, the STI bucked the trend against all major markets yesterday; following a 0.5% higher opening, the index rallied in the afternoon to close more than 1.2% higher.

With today's outlook likely to turn a tad more downside biased, we could potentially see the index drifting back towards the 2930 minor trough.

Below that, we see the subsequent base at the 2900 key resistance-turned-support. On the upside, 2980 (minor peak) remains the immediate obstacle to overcome, while the next hurdle lies at the 3000 psychological resistance.

IG Markets Singapore meanwhile noted:

In Singapore, the STI shot up 1.2% yesterday buoyed by the strong start by Europe, which eventually faded out. Sometimes there are benefits to being the only Asian market still trading when Europe opens. In the current climate, these occasions are very rare.

Today it is in danger of giving up some of these gains with the futures market pointing to a weaker open. Japanese equities have already gone the same way.

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