Consolidative pressure is expected today.
OCBC Treasury Research said the Straits Times Index (STI) added 0.19% to close at 3169.38 on Friday, but may face some consolidative pressure amidst weak morning cues from Kospi.
Meanwhile US stocks edged lower but managed to post moderate weekly gains with investors awaiting further catalysts before jumping back into the market, according to OCBC Investment Research.
Four out of eleven S&P 500 industries ended lower, led by Financials (-1.05%) whilst Utilities (0.58%) led the gains. The index was up 0.24% for the week.
Here are the implications on Singapore:
The muted reactions on Wall Street Friday are unlikely to have much effect on the local sentiment this morning.
We continue to peg the immediate resistance at 3180, ahead of 3200; on the downside, we maintain the immediate support at 3150, followed by the next support level at 3100.
Overall volume shrank 18.4%, with 2.2b units traded, and total value added 22.3% to S$1.9b, while average value/unit jumped 50.0% to S$0.84.
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