Weekly wrap of STI: Starting if the week STI was bearish. Asian markets slipped as a strong US jobs report fuelled expectations the Federal Reserve will bring forward an interest rate rise. But more poor Chinese data lifted Shanghai on hopes of renewed easing measures. Official data released which showed China’s exports falling more than 3% and imports declining almost 20% in January. Shares sank on heightened concerns over Greece’s standoff with its creditors after talks in Brussels between the country’s anti-austerity government and euro zone finance ministers failed to achieve any deal. STI opening and closing was not good.
STRAIT TIMES WEEKLY WRAP
CHANGE (In Points): -5.04
% CHANGE: -0.14%
Market Forecast for week ahead: We may expect bearish trend in next week. If STI crosses the level of 3450 then we may expect bullish trend. Oil prices rebounded more than US$1 towards US$56 a barrel on , after a two-day decline, as a weakened dollar and industry spending cuts offset worries of a supply glut.STI has also affected by oil price. Rebound in the oil price good for STI.
Weekly Technical view on STI
Support 1: 3360
Support 2: 3340
Support 3: 3325
Resistance 1: 3450
Resistance 2: 3475
Resistance 3: 3495
Technical Indicators: RSI and CCI both are indicating bullish trend RSI is at 61 and CCI is at 145.
- SINGAPORE ranks 10th globally in the inaugural Sustainable Cities Index from Arcadis, a global natural and built asset design and consultancy firm, faring lower than other Asia-Pacific cities such as Hong Kong and Seoul. However, it proves to be greenest in the region, being the only country in Asia-Pacific to emerge in the top 10 of the Planet sub-index.
- Singapore Exchange Ltd, which has been struggling to attract large initial public offerings (IPOs), said it is expanding further into China and appointed its listings chief to a new position as the head of its China business.
- Iraq and Iran joined Saudi Arabia in cutting their March crude prices for Asia to the lowest level in more than a decade, signaling the battle for a share of OPEC’s largest market is intensifying.
- THE Singapore Exchange (SGX) has issued a “trade with caution” note on UOL Group, which saw a substantial 6.4 per cent rise in its share price.
- Singapore billionnaire Peter Lim’s Rowsley has teamed up with a developer in Vietnam to build and manage a US$550-million ($748-million) mixed development in Yangon, Myanmar, marking the Mainboard-listed company’s first property deal outside Malaysia.
- Retail sales in Singapore rose 2.6 per cent in December compared with the previous year but only because sales of cars and other vehicles jumped 41 per cent in the month.
- Singapore’s Sembcorp Marine Ltd its net profit in the fourth quarter fell 4.6 per cent, as revenue from rig building activity dropped and as the year-ago quarter was boosted by a tax write-back.
- MEDICAL devices company Biosensors International posted a 33 per cent fall in net profit to US$7.44 million for the third quarter of its fiscal year 2015.
- Singapore’s non-oil domestic exports in January likely grew from a year earlier but at a slower pace than the previous month, as the city-state continued to suffer from a sluggish global economy.