Markets and Investing

Stocks

Staff Reporter

, Singapore

Published:

14 years ago

However, gains could be fairly limited as the STI was rather lackluster yesterday

STI 'inspired' but gains likely to be limited

The continued recovery on Wall Street and the positive Nikkei start could provide inspiration to the index.

OCBC Investment Research said:

The continued recovery on Wall Street overnight and the positive Nikkei start (now +0.9%) could provide some inspiration to the local bourse this morning.

However, gains could be fairly limited as the STI was rather lackluster yesterday; the index closed just 0.1% higher despite opening some 0.4% in the black.

For now, the immediate resistance is pegged at the 3064 obstacle (upper limit of gap zone), with the subsequent hurdle marked at the 3100 psychological obstacle.

On the downside, we see the initial support at 3022 (recent trough), ahead of the 3000 psychological support.

IG Markets Singapore meanwhile noted:

Local focus today will be on the Non-Oil Domestic Exports numbers that are expected to rise +1.2% which are due to be released shortly.

Given the positive moves seen overnight we are pricing for a 0.6% advance for the STI this morning, in line with the moves seen around the region this morning.

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