Singapore’s STI is up 0.3% at 3069.54, recovering from early losses as rig builders rise, along with most banks and some recent underperformers.
However, with global markets still reacting to elevated oil prices, caution remains and volume is moderate at 271 million shares traded worth $259 million; decliners outweigh gainers 1.5 to one on the broader market.
However, with global markets still reacting to elevated oil prices, caution remains and volume is moderate at 271 million shares traded worth $259 million; decliners outweigh gainers 1.5 to one on the broader market.
Phillip Securities says “oil should continue to be in play until tensions in the Middle East subside. Rising oil prices could weigh on risk appetite.”
The house says the outlook for the STI “is a tad uncertain. Last week’s trading closed within the range of the week before, indicating a lack of real directional conviction despite closing positive for the week.”
It tips last week’s high/low at 3083/2988 as directional breakout triggers with support at 3050 before 2988/3000, resistance at 3083 before 3100, 3120. Sinomem Technology (S14.SG) is +24.7% at $0.680, just below the $0.700 per share at which Clean Water Investment has tabled a cash offer for the company.
