STI set for firmer open

The index however is forecast to consolidate around current levels.

OCBC Investment Research said:

The muted reactions on Wall Street overnight are unlikely to provide any inspiration to the local bourse this morning, although the positive Nikkei start (up 0.5% now) could provide some mild consolidation.

As a recap, the STI signaled that the 3090 resistance remains a tough obstacle to overcome in the near term with a further retreat yesterday; following a 0.1% lower opening, the index drifted further south to 0.4% loss by the close.

And with today's tone unlikely to see any significant improvement, the index could continue to consolidate around current levels with the immediate obstacle still marked at the 3090 key peaks.

Beyond that, the subsequent obstacle is pegged at the 3160 support-turned-resistance. On the downside, 3040 is immediate resistance-turned-support, with the next base lying at the 3005 minor troughs.

IG Markets Singapore meanwhile noted:

In Singapore today the F1 circus is still rolling into town igniting the debate about whether the race is good for the city state or not. Huge traffic jams and $150 million in costs are the drawbacks. An estimated $100 million from tourist receipts and the chance to see Lewis Hamilton up close are the plus points.

While the government contemplates extending the Grand Prix deal for another five years, main sponsor SingTel is also asking itself the same question about its future association with the glamour sport.

The futures market points a firmer open for the STI this morning.

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