Shares opened higher with the Straits Times Index at 3,240.51 in early trade, up 0.41 per cent, or 13.28 points. Oil prices edged higher in Asia after data showed US stockpiles dipping, while the Federal Reserve indicated interest rates would not be hiked until the middle of next year. Currently Federal Reserve is not increasing rate so it’s good indication for stock market.
Market forecast for STI:
Trend is still in correcting mode. Tomorrow opening will decide the trend of market.
Technical Indicators: RSI is at 40 and CCI is at -180.
Important Factor for today:-
- Economists at Wall Street’s biggest banks remain convinced the Federal Reserve will raise interest rates by next June and most expect the Fed to tighten policy more than once in 2015, a Reuters poll found after the U.S. central bank wrapped up a policy meeting on Wednesday .
- EU leaders on Thursday will discuss tense relations with Russia and punishing sanctions imposed over Moscow’s actions in Ukraine at a summit led for the first time by Poland’s Kremlin-wary former premier Donald Tusk.
- Mainboard-listed Silverlake Axis (Silverlake) on Thursday revealed that it has formed a company, Silverlake HGH, to launch a takeover offer for Finzsoft Solutions – an Auckland-based financial technology company that develops and implements software and solutions for banks and financial institutions in New Zealand and Australia – at a price of NZ$3 per share.
- Olam’s US$1.3 billion deal to buy rival Archer Daniels Midland’s cocoa processing business may reduce liquidity in the niche cocoa bean trade, raising concerns about volatile prices and a potential shake-up of customer relationships.
- Global Tech (Holdings) incurred a loss of HK$15.99 million (S$2.7 million) for the financial year ended Sept 30, 2014, compared to a net profit of HK$12.88 million made last year.