Singapore stocks are not expected to head much higher as buying conviction generally weak given lack of firm leads, reported Dow Jones Newswires.
The STI is up 0.5% at 2,855.02 vs morning high of 2,861.55. Gainers continue to outnumber decliners by about two to one in broader market, but overall volume thin at just over 1 billion shares.
Singapore shares are holding in positive territory following recovery in Hong Kong bourse.
The STI gained 0.3% at 2,764.62 after staying negative for most of morning session, but likely to meet resistance at last week’s 2,797 peak.
I have been sent this clip from FOX Business in which you can see a service centre manager explaining the technical fix to the pedal problem. Interesting thing is, there’s also a car in the workshop getting a software download that means the brakes will override the accelerator pedal in an emergency – I guess for a little added reassurance.
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AusGroup (5GJ.SG) fell 3.4% to 70.5 cents in active trade, says Dow Jones, as investors unload on concerns earnings recovery may take longer than thought following aluminum giant Alcoa’s weaker-than-expected 4Q09 results.
Singapore stocks continue to advance after yesterday’s broad-based rally, despite Wall Street’s flat finish, as investors hopeful market will remain resilient in the near term.
The STI is up 0.4% at 2,833.26, with most FTSE ST sub-indexes positive. Resistance for STI expected at 2,960 (July 31, 2008 intraday high), support at 2,900.
Singapore shares were mostly higher, but momentum stayed weak in the absence of leads to whet investor appetite.
Players could be waiting for China economic data, including November retail sales and industrial production, due 10:00 a.m., before deciding next move.
The STI, which gained 0.1% to 2,785.86 as of 9:20 a.m., may face resistance at year-to-date high of 2,808, with support tipped at current December low of 2,743.
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