STI rebounds to a 0.5% gain

The index continued to hold up well above the 3000 psychological level in the last trading session.

OCBC Investment Research said:

The rally by the US and European markets last Friday night, coupled with the strong Nikkei start (up 1.8% now) are likely to inspire the local bourse to an optimistic start this morning.

As a recap, the STI continued to hold up well above the 3000 psychological level in the last trading session; despite a 0.4% lower opening, the index rebounded to a 0.5% gain by the close.

And with today's tone likely to remain more upside biased, we could see the index breaking above the 3060 support-turned-resistance, before heading for the subsequent obstacle at 3100 (upper limit of gap resistance).

The immediate support is now pegged at the 3020 level (Friday's intraday low), followed by the subsequent base at the 2980 recent trough.

IG Markets Singapore meanwhile noted:

In Singapore, the STI starts the week comfortably above 3000 point today. The National Day Parade breaks up the week on Thursday while Friday’s Q2 GDP figures are likely to be revised upwards hinting to a strong close to the week.

For today, the futures market is pointing at a strong start for the local market. Japanese equities have already opened 1.5% higher. The STI could hit new highs today bouncing off its 3050 floor.

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