Market Review for STI: Share prices opened higher with the Straits Times Index up 6.93 points to 3,428.23. Shares were little changed as investors opted to wait for Federal Reserve head Janet Yellen’s testimony before Congress tonight. While markets expect the Fed to raise interest rates this year, concerns are mounting that higher borrowing costs might put the US economy at risk at a time when central banks worldwide are easing policy to fight deflation and sluggish growth.
STI Day Performance
% Change: +0.48%
Market forecast for STI: We may expect bullish rally of STI in next trading session.
STRAITS TIME LEVELS
Support 1: 3400
Support 2: 3380
Support 3: 3363
Resistance 1: 3450
Resistance 2: 3480
Resistance 3: 3500
Technical Indicators: RSI is at 55and CCI is at 87.
Important Factor for today:-
- Singapore’s budget this year focuses more on long-term measures to boost “the supply-side capacity of the economy” and lacks short-term measures to drive consumption, according to Credit Suisse.
- Lower administrative expenses and increased contributions from associates and joint ventures lifted SIIC Environment Holdings’ 4Q2014 earnings to RMB65.9 million ($14.5 million) from RMB31.3 million a year earlier.
- A budget focused on building Singapore’s future, was how Deputy Prime Minister and Finance Minister Tharman Shanmugaratnam summed up his close to two-and-a-half-hour.
- Singapore shares remained subdued ahead of Federal Reserve Chair Janet Yellen’s congressional testimony tonight.
- Singapore’s budget is about strengthening the social safety net to help the silver generation and needy. It continues to attempt to create equal opportunities for Singaporeans.
- Proposed tax could encourage the further development of the reits market in Singapore, the incremental demand for office spaces by any new reit listings will be marginal in light of the large office supply.
- Oil prices dipped on worries about oversupply in North America, with Brent futures testing support around US$60 a barrel and US contracts hovering around US$50.50.