STI holds on to gains

The index had rebounded fairly strongly in the last session, opening some 0.8% higher.

OCBC Investment Research said:

The mixed reactions on Wall Street last Friday night and the poor Nikkei start (down 0.2% now) are likely to keep the local bourse rather subdued this morning.

The STI had rebounded fairly strongly in the last session to retake the 3000 psychological level; the index opened some 0.8% higher and held on to those gains by the end of the day.

But with today's tone likely to moderate slightly, we could see the index consolidate around current levels with the immediate obstacle now pegged at the 3040 support-turned-resistance.

Beyond that, the subsequent resistance is marked at the 3090 recent peaks. On the downside, the immediate support remains at the 2980 minor troughs, with the subsequent base lying at the 2930 minor trough.

IG Markets Singapore meanwhile noted:

In Asia today, markets could show some volatility with a mixed bag of US news and reaction along with China’s weak economic data. Over the weekend Chinese president Hu Jintao pledged to boost demand and promote more balanced growth.

With trade balance figures out today, perhaps he is preparing traders for more bad news.

In Singapore, the futures market is hinting at a slightly firmer open for the STI this morning.

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