STI +1.0% at 3222.93 after gapping up at the open to regain the 3200 level, which analysts say is key to determine the market’s direction.
With few external drivers after Wall Street’s mixed close, today’s gains likely reflect continued optimism over the strong fundamentals of Singapore’s blue chips (27 STI components are higher and three flat) on the first trading day of 2011, and will confirm the view that Friday’s rapid sell-off was down to last minute profit-taking.
With few external drivers after Wall Street’s mixed close, today’s gains likely reflect continued optimism over the strong fundamentals of Singapore’s blue chips (27 STI components are higher and three flat) on the first trading day of 2011, and will confirm the view that Friday’s rapid sell-off was down to last minute profit-taking.
4.5 gainers for every decliner in the broad market, with 356 million shares traded. The index is now slightly above 3218, where UOB KayHian pegs resistance, so whether that level can be taken out today will likely remain crucial. The house says any retracement would likely be “to digest the recent strong run-up from the 3125 level.”
Golden Agri-Resources (E5H.SG) is +2.5% at $0.820, most active stock today; Osim (O23.SG) is +1.2% at $1.6 after it increased its stake in a Chinese R&D company.
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