The STI is down 1.0% at 2940.40, amid falls across the region as worries over Japan’s stricken nuclear units continue to weigh on investor sentiment.
“The risk off situation continues,” says Phillip Securities, noting bonds, the CHF and USD all saw gains overnight, while commodities continued to decline and the JPY soared to a record high against the greenback.
It notes, the STI’s gains Wednesday came from the opening gap after the “exceptionally sharp” selldown Tuesday, and the intermediate term trend remains downward biased while visibility is not that clear in the short term.
It tips support at 2932 (Tuesday’s low) with key support at 2915; resistance is at 2988 and 3000. There are 9 fallers per gainer across the market with 221 million shares traded. 27 of the STI names are lower, led by SIA Engineering (S59.SG), down 3.4% at $3.99. Golden Agri-Resources (E5H.SG) is the most active stock so far, off 1.5% at $0.640.
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