Market Review for STI: Singapore share prices opened higher, with the STI up 13.49 points or 0.4 per cent to 3,466.4, drawing strength from Wall Street’s run-up overnight. Gains on Wall Street overnight may lift Singapore shares but the upside is likely to be modest, especially for blue chips, ahead of the March-quarter earnings season, which kicks off in full swing next week.
STI Day Performance
% Change: +0.37%
Market forecast for STI: STI broke its resistance, we may expect bullish trend in STI
Technical Indicators: RSI is at 66 and CCI is at 122.
Support 1: 3400
Support 2: 3374
Support 3: 3360
Resistance 1: 3476
Resistance 2: 3476
Resistance 3: 3476
Important Factors for today :
- Lower liners in the offshore oil and gas sector were actively traded.
- CIMB has downgraded Wing Tai Holdings to “hold” from “add” on valuation grounds following the stock’s strong gains in recent weeks.
- Ship builder Triyards Holdings announced it secured US$100 million ($135.3 million) of new orders that comprises a liftboat, a high speed aluminium craft project that includes integrated logistics support work, and a fabrication project.
- Daily share trading activity on the Singapore Exchange (SGX) eased in March from year-ago levels, while derivatives trading continued to grow.
- Oil prices fell on profit-taking in Asia on Tuesday after rallying in the previous session owing to doubts the nuclear agreement between Iran and global powers will immediately boost Tehran’s crude exports.
- The Singapore Tourism Board (STB) has unveiled more initiatives to increase visitor numbers by making two-year partnership with Changi Airport Group to boost tourist arrivals .
- OSIM International may be facing even slower sales in China, one of its biggest markets, as recent economic indicators show Chinese consumers continue to spend less than they used to.