STI bounces back

Thanks in part to SingTel.

OCBC Investment Research said:

The muted reactions on Wall Street overnight could continue to keep the local bourse on a fairly subdued mode this morning.

As a recap, the STI slipped more than 1.1% intraday yesterday but rebounded strongly near to the 3150 support to close back above the 3200 level with a 0.4% gain.

But with today’s tone unlikely to see any significant improvements, the index could consolidate further around current levels with the immediate resistance pegged at the 3230 key peak.

Beyond that, the next obstacle lies at the 3280 key peak. On the downside, 3150 remains the immediate support for now, with the next base marked at the 3110 key resistance-turned-support.

IG Markets Singapore meanwhile noted:

The STI bounced back from its three-day slide yesterday but it wasn’t due to any significant change in sentiment towards property stocks.

Traders are still wary of how property stocks will perform this year and are keeping their distance for the time being. The local blue chip index lifted 0.4% to move back above 3200 points thanks in part to a firmer footing from SingTel.

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