Market Review for STI:
STI made a gap down opening at 3255.35 down by almost 12 points. Further made a high of 3267.39 and then the buyers were dominated by the sellers and STI made a low of 3234.12 and gave the closing at 3242.71. hence today it was a bearish day for STI.
|STI Day Performance|
Market forecast for STI:
STI formed a red candle for the day and with a long real body and a long upper and lower shadow.
After taking a long upside or high of 3284 in last few days now it seems that the STI is going to take some corrections or it could close the gap which was formed on 15th April 2014, a gap up of 21 points.
RSI is just above the centre line @53.78. Where CCI is @ 26.61.
Important Factor for today:-
- According to the latest data by Swift, Singapore is on the top to retain its position for the clearing centre of offshore RMB (renminbi) outside of China and Hong Kong in March.
- United Envirotech sold 5% of stake in China membrane Memstar Technology the counter slipped 5.6% down As United Envirotech is the substantial shareholder sold and sold a sizeable stake in open market at about 2.07 cent per share on average.
- US$ 350 Million syndicated revolving credit facility launched by wholly owned subsidiary of Swiss based trading house Gunvor Group, to finance new investment and existing operations in Asia Pacific region.
- Net Profit grew by 8% to S$14.56 Million announced by Raffles Medical Group on Monday for the 1Q14.
- Atlantic Reports 61% increase in 1Q14 Net profit where the revenue grew by 9.6%
- Non landed homes price fall by 1.1% in March as compared to Feb.
- Corporate tax for Singapore continues to be lower in Asia @17%, announced by KPMG in a report.
Market Review for KLCI:
KLCI opened flat today at 1861.54 and came down and made a low of 1855.74 and closed at the same level. A long red candle was formed for the day.
|KLCI Day Performance|
Market forecast for KLCI:
It’s the continuous 2nd red candle for the day on daily chart and the way the KLCI is falling it is standing on the major support of 1854 If the next candle is formed bellow the support than KLCI can be seen on the level of 1845 currently it’s in consolidate mode.
The technical indicators are not that strong on the chart as RSI is at 53.78 & CCI is at 26.71