STI set for firm open

Japanese, Australian, and Korean markets have all opened higher on 16 October 2012.

OCBC Investment Research said:

Rebound on Wall Street and the more positive Nikkei start (now +0.9%) could also spark a similar recovery in the local bourse today. However, given the lackluster interest of late, the STI may find it hard to clear the 3100 hurdle in the near term.

As such, investors may continue to sell into strength should the index fail to make further headway; note that the STI recently triggered a parabolic sell signal. On the downside, we peg the initial support at 3030 (lower Bollinger band), ahead of 3000.

IG Markets Singapore meanwhile noted:

The futures market is pointing to a firm open for the STI this morning. Japanese, Australian and Korean markets have all opened higher this morning.

Investors looking for K-REIT’s share price today don’t panic when you can’t find it – it has changed its name to Keppel REIT.

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