Market breadth is slightly positive. DBS Vickers says despite last week’s market sell-off, “we maintain our view for STI to head for 3438.” The house’s fundamental objective stays at 3500, based on 15.8X FY11F earnings.
Phillip Securities says the STI “is so-so price action wise.” The house says Friday’s opening gap due to the property sector regulation was filled within the day (by banks, not so much by property) and “the daily charts do not look so clear.”
“The Singapore market has done well for the first four trading days of 2011, with the STI up 2.8% so far on higher volume…we expect the laggards to come into play this year and this has happened a lot earlier and faster than expected,” says OCBC.
The STI is +0.2% at 3,153.87 midday after yesterday’s 0.9% loss, with rig-builders, banks and some commodities plays leading gains.
Volume is thin with 517 million shares worth $595 million traded, while market breadth is slightly negative.
The STI is +0.1% at 3,150.90, rebounding slightly after yesterday’s 0.9% fall which was due to Moody’s Investors Service putting Spain’s Aa1 ratings on review for a possible downgrade, signalling a possible escalation of the euro-zone’s problems.
Volume is ultra-thin so far at 154 million shares worth $158 million, and the market breadth is flattish, suggesting trading interest has waned further as we edge closer to the year-end.
Buyers are mostly avoiding larger-cap stocks in Singapore and going for lower liners amid a general lack of newsflow.
The STI at midday is down 0.7% at 3,186.76, coinciding with the 50-day moving average. Support is expected at this week’s 3,164 low set on Tuesday. In contrast, the FTSE ST Catalist Index is +1.4%.
Market breadth is negative with 2 decliners for every gainer.
Singapore shares not likely to head much higher amid mixed performance across Asian markets.
STI +0.8% at 3,198.67, may meet resistance at last week’s 3,216 peak. Market breadth still positive but at about 1.5 gainers for every decliner vs more than 3 for 1 in early trade.
Concerns over tension in Korean peninsula ease, helping Singapore shares recoup part of yesterday’s losses.
Fact that North Korea dropped shells on an island a sign they’re unlikely to expand aggression.
“If they really wanted to start a war, it would have begun at Seoul and not on some island,” says dealing head at foreign brokerage.
STI +0.5% at 3,141.87 midday, not expected to test yesterday’s 3,187 intraday high for rest of session.
Market breadth neutral vs more than 2 decliners for every gainer in early trade.
Overall volume modest at 1.06 billion shares worth $978 million, suggesting investor appetite subdued.
Among STI components, notable gainers include recent big decliners, with Genting Singapore (G13.SG) +2.1% at $1.99, Golden Agri-Resources (E5H.SG) +2.9% at $0.705, CityDev (C09.SG), +1.6% at $12.40.
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Singapore shares holding above water but further gains limited as investors cautious after solid gains recently, says Dow Jones.
STI +0.5% at 3,112.62 midday, with immediate resistance at year-to-date high of 3,125.
Market breadth at over 3 gainers for every decliner, but overall volume light at 1.06 billion shares worth $931.9 million, with Genting Singapore (G13.SG), Genting Hong Kong (S21.SG) most active.
Firmer US stock futures augur well for Singapore shares for rest of session, paving way for STI to close above 3,100 for first time in 27 months, says Dow Jones.
STI +0.5% at 3,111.25, with resistance at higher end of 3,085-3,146 breakdown gap formed in June 2008. Market breadth at just under 3 gainers for every decliner.
Action in Singapore bourse still largely centered on lower liners, with blue chips mostly flat amid lack of firm leads, according to Dow Jones.
STI +0.1% at 3,014.41 midday, expected to hold above 3,000 for rest of session but likely below year-to-date 3,043 high.
Market breadth tad positive, with small caps dominating trade.
Gains across Asian markets likely to help Singapore shares close on positive note, though softer US stock futures suggest upside from current levels should be limited, says Dow Jones.
STI +0.3% at 2,993.16 vs 3,013.21 morning high, may close below 3,000. Market breadth continues to narrow at under 2 gainers for every decliner vs 5 for 1 in early trade.
Singapore shares higher after Wall Street’s overnight rally, but advance no where close to US gains as investors wary of plowing in more money ahead of tomorrow’s key US jobs report, according to Dow Jones.
STI +0.7% at 3,002.09, not likely to challenge year-to-date high of 3,043. Market breadth at 5 gainers for every decliner.
Singapore shares still holding above water but light volume suggests appetite for risk remains low, with investors preferring to wait for more signals on US economy, including revised 2Q10 GDP data and Fed chief Bernanke’s economic assessment due later Friday, says Dow Jones.
STI +0.6% at 2,942.32 midday, with resistance expected at last week’s 2,952 high. Market breadth flat. “Over the last few weeks, the Singapore market has been pretty resilient to the US selloff, and we believe that we might be seeing more of the same,” says Sias Research technical analyst Edmund Seow.
Initial inertia in Singapore bourse eases as players nibble on stocks while keeping stop-loss orders tight, according to Dow Jones.
STI +0.6% at 2,943.67 midday vs off 0.2% at 2,919.62 earlier, with immediate resistance at last week’s 2,952 high. Market breadth at 1.5 gainers for every decliner vs slight negative in early trade, although volume remains light at 712.5 million shares worth $663 million.
Selling pressure on Singapore shares not letting up, with US stock futures sharply lower, most Asian markets down, according to Dow Jones.
STI off 0.9% at 2,956.54 at 2:47 p.m.; support expected at 2,926 (July 21 low). With caution ahead of tomorrow’s June-quarter results from 5 component companies, including index heavyweight SingTel (Z74.SG), STI expected to remain depressed for rest of session.
Market breadth widens to 2.5 decliners for every gainer vs about 2 for 1 at midday.
Action in Singapore bourse in stark contrast to yesterday’s, with participation sharply lower as players retreat to sidelines, writes Dow Jones.
Volume merely 621.8 million shares worth $594.9 million at midday vs whole of yesterday’s 2.25 billion worth $2.16 billion. STI off 0.3% at 3,004.24; next support at 2,979 (July 30 low) if 3,000 fails to hold. Market breadth flat.
Singapore shares open firmer, drawing strength from early gains in Nikkei, Kospi, says Dow Jones.
STI last +0.7% at 3,007.62 at 9:25 a.m., expected to meet resistance at year-to-date high of 3,037 set in April; market breadth at 3 gainers for every decliner.
“We are not forecasting the STI to attain a new 2,010 high for now as the 14-day RSI is close to being overbought,” says DMG technical analyst James Lim, adding, “we therefore advise traders to keep their stop losses tight while any profits should be quickly taken off the table as the present market conditions only favour the scalpers.”
