Market Review for STI:
STI made a gap down opening for today, down by 12 points at 3230.34 and made a low of 3222.77 further gave the closing at 3237.74. As it formed a green candle for the day and gave closing just above the major support of 3234.
|STI Day Performance|
|% Change||-0.15 %|
Market forecast for STI:
Today STI formed a hammer pattern on the daily chart, which has a real body without any upper shadow and a long lower shadow. As published in yesterday’s report STI took a correction and is trying to fill the earlier gap.
RSI is just above the centre line @57.02. Where CCI is @ 6.58
Important Factor for today:-
China Sunsine Net Profit grew to RM22.8Million i.e. 95% on YOY basis for 1Q2014
Vard Holding announced low in profit for Q12014 as the earning fall by 52.5% from a year ago to S$19 million or 1.61Cents per share.
Greater Eastern Holdings reported a jump of 12% in Net Profit for Q12014 to 231.6 million. Else it was 207.5million over a year ago.
Far East Hospitality Trust posted a fall of 1.30 SG Cent in distribution per stapled security for Q12014.
United Overseas Bank share falls as a dividend of 50cent per share was declared.
Market Review for KLCI:
KLCI opened lower at 1852.27 down by 3.47 points. Where the day range of KLCI was 7.07 points else the low of the day was same the opening price and the closing was the same of the high price @1859.27.
|KLCI Day Performance|
|% Change||0.19 %|
Market forecast for KLCI:
A green candle was formed for the day with a long real body & without upper and lower shadow. Marubozu pattern was formed for the day which is also called as a shaven head candle. As on today’s closing KLCI is standing near to major support of 1850 and some correction is expected.
The technical indicators are not that strong on the chart as RSI is at 56.38 & CCI is at 5.31.