Singapore Stock Exchange

SGX : STI Technical Outlook at 09 July

Alex Gray
Publish date: Wed, 09 Jul 2014, 07:21 PM
Alex Gray
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Market Review for STI:
Share prices
opened lower with Straits Times Index down 2.89 points to 3280.450. Asian equities continue to trade at a discount and could get a 12-15% upside potential this year, driven by a mild re-rating and earnings momentum. Cooling Chinese inflation overnight added to weak European industrial data earlier in the week, pointing to slowing global growth and eclipsing a positive start to the U.S. earnings season.
sti
STI Day Performance
Open3280.450
High3284.930
Low3264.010
Close3275.460
Change(Points)-7.880
% Change-0.24
Volume2580.3M
Rise170
Fall222
Unch392
Market forecast for STI:
Due to the slow economic growth data the effect is seen negative today and also the impact is expected to continue until any positive factor is seen in the economy. Technically, in the day chart head & shoulder pattern can be formed. The market is expected to drop but it will also take a corrective action.
STI LEVELS
Support 1Support 2Support 3Resistance 1Resistance 2Resistance 3
326032523240328232901925
Technical indicators:
RSI is above the centre level @51.438, CCI is at 14.452.MACD is observed @1.092.
Top Gainers Top Losers
Scrip NameCMP%changeScrip NameCMP%change
Jardine C&C46.80.75Olam Intl2.43-2.8
JSH 500 USD37.060.71Noble1.375-1.79
HPH Trust USD0.7350.69UOB23.2-1.28
HongkongLand USD6.690.6Wilmar Intl3.2-0.62
CityDev10.20.49Sembcorp Marine4.05-0.49
Important Factor for today:-
  • According to CIB report, a strong Singapore dollar should not be seen as too helpful in curbing rising prices, since various measures suggest that inflation pressures are more domestic in nature.
  • The bank said Singapore will "maintain competitiveness," noting that manufacturing activity has been picking up, driven by the biomedical, chemicals and transport engineering sectors."Along with the gradual recovery in the global economy, externally-oriented sectors including manufacturing and trade-related services are likely to be supported in the coming quarters," added the report.
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