STI set for positive start

Analyst says the index hopes to break its losing streak.

OCBC Investment Research said:

The sharp rebound on Wall Street overnight and the strong Nikkei start (up 1.3% now) are likely to inspire the local bourse to a positive start this morning.

The STI ended 0.4% lower yesterday, after falling by as much as 0.7% during the session; it had also managed to close above the 3020 immediate support.

And with sentiments likely to improve further today, we expect the STI to climb further in the direction of the 3065 support-turned-resistance, with the subsequent obstacle pegged at the 3100 psychological resistance.

Below the 3020 immediate base, we continue to see the next support at the 3000 psychological level.

IG Markets Singapore meanwhile noted:

In Singapore, the STI will be hoping to end the week snapping its current losing streak. Corporate earnings have been a mixed bag and continue to follow this trend.

ARA profits slumped 23% while Great Eastern saw a big boost in Q3 profits to $619.3m, although this was mainly due to the sale of its Asia Pacific Breweries and F&N shares to Thai Bev.

The futures market points to a firm opening for the STI this morning.

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