Market Review for STI: THE Straits Times Index (STI) rebounded to gain 3.23 points or 0.09 per cent and trade at 3.407.8 as investors awaited China inflation data and following a rebound in US markets. Shares rose as a rebound overnight on Wall Street lured buyers back, although gains were mostly modest as investors mulled prospects for a sooner-than-expected rate hike in the US.
Market forecast for STI: We may expect bullish trend in next trading session.
Technical Indicators: RSI is at 47 and CCI is at -121.
Important Factor for today:-
- Resale prices of non-landed private residential properties stagnated in February, remaining unchanged from January, according to flash estimates from SRX Property.
- China’s consumer inflation quickened to 1.4 per cent in February, beating market expectations, recovering from a five-year low in January, but factory deflation worsened, underscoring deepening weakness in the economy
- Oil prices were mixed in Asia as dealers weighed a strengthening US dollar with ongoing geopolitical tensions in the crude-rich Middle East.
- Property stock investors now are mainly focused on Indonesian and Thai developers while interest on Singapore and Malaysian developers was relatively low
- Q3 revenue growth from logistics, ecommerce-related businesses while mail revenue declined. Operating costs including labour and related expenses continue on uptrend. Strategic investments to drive transformation while enhancing efficiency and productivity.