STI up 0.8%

The index overcame the 3280 resistance.

OCBC Investment Research said:

The mild pullback on Wall Street overnight is unlikely to provide any inspiration to the local bourse this morning.

Meanwhile, the STI had reached another milestone yesterday by overcoming the 3280 resistance with a 0.8% gain; this is generally a good sign.

This local optimism could potentially pave the way for the index to recover further towards the 3300 psychological hurdle for a test next; the next resistance is pegged at the 3315 key peak.

On the downside, 3230 is still the firm resistance-turned-support, ahead of the 3200 psychological support.

IG Markets Singapore meanwhile noted:

Yesterday the STI enjoyed a solid day as it lifted 0.8%, leaving it at 3286 and in touching distance of the 3300 level. Today might be a challenge given the dent in sentiment from the US GDP print.

On the corporate front, Thai tycoon Charoen finally became a majority shareholder in Fraser & Neave as he tightens his grip on the conglomerate. This now makes his offer unconditional and has pushed back the deadline for the F&N board to 18 February.

The end is in sight for this long-running takeover saga with Charoen finally getting his prize, albeit the hard way. Let’s just hope this isn’t the only takeover battle of the year.

The futures market points to a -0.2% open for the STI this morning.

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