STI set for positive open

The index is likely to attempt a break of the 3088 key peaks.

OCBC Investment Research said:

The continued recovery on Wall Street overnight and the positive Nikkei index (up 0.5% now) could inspire the local bourse to an optimistic start this morning.

As a recap, the STI inched nearer to the 3088 key obstacle yesterday; following a 0.1% higher opening, the index added 0.3% by the close.

And with today's tone likely to remain buoyant, we could potentially see the STI attempting a break of the 3088 key peaks again.

Beyond that, the next hurdle is still pegged at the 3100 psychological resistance. On the downside, the immediate base still lies at the 3040 resistance-turned-support, followed by the subsequent support at the 3000 psychological level.

IG Markets Singapore meanwhile noted:

On the local front ST Engineering could be in focus after it announced that its electronic division had won S$160million worth of contracts in the third quarter.

The STI is looking forward to a positive open, as has been the way for most of Asia so far this Friday.

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