SINGAPORE shares got off to a positive start with the Straits Times Index (STI) gaining 0.46 per cent, or 15.78 points, to hit 3,419.67 as at 9:04 am on the back of a strong overnight market in the United States. The US equity markets had a solid showing to start the month, with the Nasdaq Composite Index making headlines for closing above 5,000 for the first time since 2000. The Nasdaq closed overnight at 5,008.10, up 0.9 per cent or 44.57 points.STI closed at 3427.41.
Market forecast for STI: We may expect the market to move higher and break the resistance level of 3415 .
Technical Indicators: RSI is at 53.72 and CCI is at 36.54.
Important Factor for today:-
- Singapore shares got off to a positive start on Tuesday with the Straits Times Index (STI) gaining 0.46 per cent, or 15.78 points, to hit 3,419.67 on the back of a strong overnight market in the United States.
- Shares of mainboard-listed Noble Group hit a one-year low of 93 Singapore cents earlier in the day,on Monday, as it continued its downward trend from last Friday.
- Sino Construction shares tumbled in the morning, losing 48.7 per cent, or six Singapore cents.With 16.3 million shares traded, it was the second most active counter by volume in the morning.
- Shares in commodity firm Noble Group Ltd rose more than 4 per cent today morning, their biggest daily increase in more than two weeks, after its top shareholder increased its stake in the company.
- OCBC expects to grow its cards business – in card spending terms – by 30 per cent this year.
- Oil prices stabilised in Asia yesterday following sharp gains in the previous session as dealers predicted the end of volatile trading and the beaten-down commodity bottoming out.
- Goldman Sachs Group Inc is reducing the size of its investment-banking team in Singapore by about 30 per cent compared with the start of the year.