Market Review for STI: Shares opened 12.46 points higher, or 0.36 per cent, to 3,473.14 points, this was after US stocks rose overnight, and Tokyo market opened higher. Some 122.1 million shares were traded with a value of S$110.5 million. Small caps rallied again, while the blue chips stocks struggled to catch up. The market closed down at the same level of yesterday, at 3460.30.
STI Day Performance
% Change: 0.01%
Market forecast for STI: We may expect STI will move in the range of 3440 to 3476.
STRAITS TIME LEVELS
Support 1: 3400
Support 2: 3374
Support 3: 3360
Resistance 1: 3471
Resistance 2: 3476
Resistance 3: 3476
Technical Indicators: RSI is at 63 and CCI is at 89.
Important Factors for today
- Singapore’s economic growth is forecast to have slowed sharply in the first quarter as the manufacturing sector faced headwinds from sluggish global demand.
- Gross domestic product probably grew 0.5 per cent in January-March from the previous three months on an annualised and seasonally adjusted basis.
- Industrial production in January and February shrank on average by about 1.2 per cent from last year.
- Yuan, the Chinese currency, declared as the most overvalued currency in the world.
- Noble Group on Thursday “completely rejects” the allegations made by Muddy waters Research and it fell 5.5% to 86 cents on strong volume after short-seller Muddy Waters issued a 14-page report attacking the company’s financial health and accounting practices.
- The frenzy that made Chinese stocks the world’s best performers is spilling over the border into Hong Kong.
- After propelling the Shanghai Composite Index to a 90 percent rally in the past 12 months, mainland investors are buying as many Hong Kong equities through the exchange link as regulators will allow.
- Oversea Chinese Banking Corp has opened a securities unit in Jakarta, as it seeks to expand in Southeast Asia’s biggest economy.
- Daiwa has cut its price target for Ezra Holdings to 40 cents from 52 cents after lowering its earnings per share estimates for FY2015 to FY2017 by 9% to 16%.
- Greece is due to make its 459 million euro (S$670.5 million) April loan payment to the IMF, but the European nation’s ability to honour its debts remains a source of acute anxiety to creditors.
- Oil prices rallied more than one per cent on Thursday, clawing back part of a 6 per cent slump triggered by a jump in US crude inventories and record Saudi output.