STI shows signs of rebounding

The index closed 0.4% higher and is forecast to recover further.

OCBC Investment Research said:

Despite the continued mixed reactions on Wall Street overnight, the stronger Nikkei start (up 0.7% now) could provide positive cues to the local bourse this morning.

As a recap, the STI showed some signs of rebounding yesterday; following a 0.2% lower opening, the index inched higher subsequently to a 0.4% gain by the close.

And with today's tone likely to remain a tad more upside biased, we could see the index recovering further in the direction of the 3100 immediate resistance (upper limit of gap resistance).

Beyond that, the subsequent obstacle lies at the 3140-3172 gap resistance. On the downside, the immediate support can be found at the 3020 minor trough, followed by the next base at the 2980 recent troughs.

IG Markets Singapore meanwhile noted:

In Singapore this morning, Southeast Asia’s largest telco SingTel announced a 2.6% rise in Q2 profits. Shareholders may be dreaming what it would have been if it wasn’t shackled by SingTel’s stake in Indian telco Bharti.

Meanwhile ThaiBev’s stake in Fraser & Neave is slowly creeping up towards the 30% mark. It moved up to 26% yesterday to worry Dutch brewing giant Heineken that the Thai’s may still have a trick up their sleeves.

The futures market is pointing to a slightly firmer open for the STI this morning.

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