STI continues recovery

Traders have helped push the index to new highs.

OCBC Investment Research said:

Although the US indices closed mixed overnight, the strong Nikkei start (up 1.2% now) could provide some inspiration to the local bourse this morning.

As a recap, the STI continued to recover yesterday; it opened 0.5% higher before climbing to 0.8% gain and also managed to clear the 3140 obstacle.

And with today’s tone likely to remain a tad more upside based, we could see the index maintain its upside momentum towards the 3180 support-turned-resistance.

Beyond that, the next hurdle lies at the 3200 psychological resistance. On the downside, 3110 is still the firm immediate resistance-turned-support, with the subsequent base pegged at the 3080 minor resistance-turned-support.

IG Markets Singapore meanwhile noted:

In Singapore today, traders have this week helped push the STI to new highs as it starts the day at 3141.6. Despite local GDP likely to come in at a modest 1.5% this year, the stock market has powered up almost 19% highlighting that economic growth and equity markets aren’t always correlated.

Having reached the final of the prestigious Suzuki Cup final, Singapore traders will hope the year finishes with a victory for the STI. However, for this morning, we’re pricing a flat open for the blue chip index.

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