Market Review for STI:
Share prices opened higher at 3296.540 with STI 5.56 points up. Singapore’s economy contracted in April to June for the first time in seven quarters, hit by a sharp drop in manufacturing activity and the drop to alter the outlook for the city-state’s tight monetary policy. Gross domestic product shrunk by 0.8% in the 2nd quarter on a seasonally adjusted and annualised basis. The impact is eventually seen in the market. It gave a closing at 3291.420 below the opening.
|STI Day Performance|
Market forecast for STI:
Since, very small movement is seen in the market from last week. We may expect the same for further more time, moving in a range of 3265-3295. The level of 3300 may act a level from which the index may boost.
|Support 1||Support 2||Support 3||Resistance 1||Resistance 2||Resistance 3|
RSI is above the center line @56.503. CCI is @130.849. Indicators are also not that supportive for the index.
|Top Gainers||Top Losers|
|Scrip Name||CMP||%change||Scrip Name||CMP||%change|
|Golden Agri-Res||0.545||0.93||HongkongLand USD||6.68||-2.2|
|Jardine C&C||45.9||0.9||JSH 500 USD||35.64||-1.82|
|Ascendas Reit||2.32||0.87||JMH 400 USD||59.22||-1.07|
Important Factor for today:-
Non-residential deals will continue to drive investment activity in Singapore for the rest of this year.
Viking offshore and Marine have won a 50 month contract worth US$32 million. Shares in the firm raised 2.4% (0.3 Singapore cents to 12.8 cents).
CCM Group will hold an extraordinary general meeting (EGM) on Aug 5 to get shareholder’s nod for a rights issue, change its name and diversify into information technology.
OLAM International, Qian Hu, ST Engineering, Otto Marine and Ezion all had recent developments that could affect trading activity. Olam International banged its US$2 billion euro medium term note programme to US$5 billion. Qian Hu’s net profit for its 2nd quarter ended June 30 was $22,000, down 73.5% from a year ago.
An arm of ST Engineering, ST Aerospace has won new contracts of five year agreement with a regional US airline for heavy maintenance of 42 Embraer E-170 and E-175 aircraft at the aerospace sector’s San Antonio facility worth S$520 million in the 2nd quarter of 2014.