Market Review for STI:
China’s stocks rose to its biggest gain in a week as renewed economic optimism showed that new equity sales will divert from existing shares. China’s manufacturing Purchasing Manager’s Index from HSBC Holdings Plc and Markit Economics rose to 50.8. Singapore has expanded economic co-operation with Russia. Besides, Singapore’s increased inflation rate by 2.7% may boost share prices.
|STI Day Performance|
Market forecast for STI:
After moving down over last week, Singapore Share prices opened near previous close with STI up 0.88 points to 3258.280. It formed an inverted hammer pattern for the day by making high at 3269.170. The whole day range was 12.67 points by making low at 3256.500 and closed at 3262.030. Green candlestick pattern showed that buyer’s sentiments dominated sellers. A bullish reversal is anticipated as it covered prices range under rounded top pattern for more than a month and inflation in Singapore may put further trajectory.
RSI stood below the centre line at 46.484 with its CCI at-125.18. Difference line of MACD performed at 5.189 which lied below its signal line which performed at 8.386.
Important Factor for today:-
- Yoma Strategic Holdings has received an acquisition offer of 70% of land in Pun Hlaing Golf Estate (PHGE).
- R H Energy is under the reverse takeover by Chiway Land Group to get listing on SGX.
- Olam International reported a partnership with Mitsubishi Corporation of Japan (MC) to grow its Australian grains business for the investment of US$80 million to take an 80% equity stake in Olam’s wholly-owned subsidiary, Olam Grains Australia (OGA).
- Nam Cheong sold two accommodation work barges worth US$84 million to repeat customer Perdana Petroleum BHD.
- Singapore’s inflation rose to 2.7% in May.
|Top Gainers||Top Losers|
|Scrip Name||CMP||%change||Scrip Name||CMP||%change|
|SIA Engineering||5.09||1.6||Ascendas Reit||2.27||-0.87|
|CityDev||10.35||1.07||HPH Trust USD||0.715||-0.69|
|Golden Agri-Res||0.565||0.89||Olam Intl||2.44||-0.41|