Daily Markets Briefing: STI up 0.3%

Index likely to face a resistance today, says analyst.

Singapore Exchange said:

The Straits Times Index (STI) ended 9.80 points higher or +0.31% to 3,179.71, taking the year-to-date performance to +0.40%. The FTSE ST Mid Cap Index gained +0.16% while the FTSE ST Small Cap Index declined -0.10%. The top active stocks were SingTel (-0.53%), Keppel Corp (+0.74%), DBS (+0.61%), OCBC Bank (-0.10%) and GLP (+2.08%).

OCBC Investment Research said:

Despite the continued gains on Wall Street Friday, the STI could be facing a fair bit of a resistance today, as caution could set in ahead of 17 Oct’s deadline to raise the US debt ceiling.

Moreover, the index did not manage to convincingly clear the key resistance at 3179 (centre of Bollinger Band); intraday high of 3197 was also short of the next hurdle at 3200 (formed a bearish candlestick instead).

Overall trading was relatively light on Friday, and could remain so ahead of the public holiday tomorrow.

Above 3200, we peg the next key resistance at 3260, clearing which could trigger a bullish reverse head and shoulders formation (potential target of 3530).

On the downside, we see 3125 (minor uptrend line since 28 Aug) as the initial support, ahead of the 3051-3071 gap.

The people you want to reach are already in this room.

Every quarter, SBR lands on the desks of the founders, CFOs, and directors running Asia's most consequential companies. Every day, they open our newsletter and read our website. It's a room that took twenty years to build — and it's the one most of our partners are trying to get into.

The good news is that the door is open. We work with companies on thought leadership articles, sponsored content, industry summits across Southeast Asia, regional awards programmes, podcasts, and media placements in print and digital. The shape of the right partnership depends on what you're trying to do, which is why we'd rather start with a conversation than send a rate card.

If you have something this room should know about, tell us. We'll tell you honestly whether we can help, and how.

No rate cards until we understand the brief. It's a better use of everyone's time.

Book a meeting

| Or download the media kit (PDF)

240,000 senior readers quarterly in print Top 1,700 Singapore companies reached

7 markets across Southeast Asia