Singapore trading sees lack of buying conviction

Volume was relatively light, says OCBC, with gainers just edging out losers 248 to 225.

OCBC Investment Research said:

Muted showing on Wall Street and an equally uninspiring Nikkei start (now flat) are unlikely to provide much of a lift to the local bourse today.

Although the STI gained 0.3% on Friday, volume was relatively light, with gainers just edging out losers 248 to 225, suggesting a lack of buying conviction.

As such, we could see the index trading within a tight range in the near term, stuck between 3030 (lower Bollinger band) and 3066 (centre of Bollinger band); although we do not rule out a steady slide towards 3000.

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