Share prices opened up on Thursday with the Straits Times Index up 5.53 points to 3,331.69.Oil prices fell in Asia on Thursday after a bargain-buying rally the day before lost steam, with a pick-up in US inventories reinforcing concerns about weak demand and a supply glut.
% Change: +0.19%
Market forecast for STI: STI is in consolidation face. We may expect it will be same for last week of the day.
Technical Indicators: RSI is at 51 and CCI is at 2
Support 1: 3320
Support 2; 3300
Support 3: 3275
Resistance 1: 3350
Resistance 2: 3373
Important Factor for today:–
- Robust car sales boosted Singapore’s retail sales in November, which rose 6.5 per cent year-on-year, according to the Department of Statistics.
- Singapore stocks held on to slim gains after a notable rebound in oil prices overnight lured traders back to the market, even as investor sentiment remained cautious amid persistent worries over global growth.
- Singapore is the third most expensive market for construction within the Asia region, according to the International Construction Cost Report, which was released on Thursday. This is despite the country having seen significant relative cost reductions over the past year.
- Real estate investment activity in Singapore fell by 57% q-o-q to $2.38 billion in Q4 2014.
- Singapore shares could fall by 30% on average if the collapse in oil prices and fallout from Russia’s economic woes tips the world into recession.