STI manages to stage a rebound

The strong recovery on Wall Street plus the firmer Nikkei start could help sustain the recent rally in Singapore, says OCBC Investment Research.

OCBC Investment Research said:

The strong recovery on Wall Street plus the firmer Nikkei start (now +1.1%) could provide fresh fuel to sustain the recent rally in the local bourse.

Although the STI ended with just a gain of 0.1%, it managed to stage a rebound off the key 3000 resistance-turned-support level yesterday.

As such, we can expect the index to make another attempt to retake the 3033 level; but note that failure to do so convincingly could still spark profit-taking.

Above 3033, we peg the next hurdle at 3050. On the downside, 3000 remains the key support, ahead of 2950.

Expect high-beta cyclical stocks like commodities to be in play today, although penny stocks are still likely to hog the limelight.

IG Markets Singapore meanwhile noted:

In Singapore we are lucky enough to have a resilient stock market that has a habit of bouncing back quickly and wanting to push on through 3000 points. Corporate earnings will be a big factor on this happening this quarter.

But the STI hosts some very safe and defensive companies that offer good yields.

The futures market predicts a firm opening for the local market this morning.

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