STI up 0.5%

China’s better-than-expected economic growth data helped.

OCBC Investment Research said:

Continued strength on Wall Street Friday should keep local sentiment positive today; although further upside may be limited by recent 3230 high.

On the downside, the psychological 3200 support should continue to hold, ahead of 3150.

While the daily indicators look slightly mixed, the near-term outlook should still remain a tad more positive.

We expect the focus to stay on situational plays and penny stocks as the market awaits the earnings reports from the blue chips due out in the weeks ahead.

IG Markets Singapore meanwhile noted:

On Friday the STI moved up 0.5% putting it back above 3200 after China’s better-than-expected economic growth data. The local blue chip index may continue to flirt either side of 3200 until it finds its feet this year.

The property cooling measures knocked the STI onto the back foot last week but it is known around the region for its resilience and has the capacity to fight back.

The excitement breathed back into the F&N takeover tussle may also spread to other counters this year with M&A talk back on the table.

The futures market in Singapore points to a slightly firmer open to the week for the STI.

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