STI rebounds to 0.8% higher close

The tone however is forecast to deteriorate significantly.

OCBC Investment Research said:

The more than 2% plunge on Wall Street overnight and the poor Nikkei start (down 1% now) are likely to spook the local bourse to a negative knee-jerk reaction this morning.

As a recap, the STI rebounded to a 0.8% higher close yesterday following Barack Obama’s success in his re-election campaign.

But with today’s tone likely deteriorate significantly; we could see the index potentially failing the retest at the 3020 key support. A breach of this base could see the index pulling back quickly to the 3000 psychological support.

On the upside, we still peg the immediate obstacle at the 3065 support-turned-resistance, with the next obstacle lying at the 3100 psychological resistance.

IG Markets Singapore meanwhile noted:

In Singapore today, the economy has suffered some weakness looking at export and manufacturing data but its financial sector continues to show resilience. UOB has announced a 36% rise in profits, joining DBS which also enjoyed double-digit income growth for Q3. OCBC reveals its Q3 results tomorrow.

On F&N watch, the climax of the Thais November 8 deadline for its $8.88 a share offer has become less exciting. Rival bidder OUE has set its own deadline of November 15 to make its own offer, pre-empting any “put up or shut up” type order from Thai Bev.

This could now see Thai Bev extending its deadline for a second time to allow investors time to consider a rival offer. The Thais cannot extend beyond passed November 27 while OUE faces its own challenges on the financing front ahead of its deadline.

Today the futures market points to a soft open for the STI this morning.



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Market Data

  • Currencies
    Currencies
    NamePriceChange% Chg
    1.2526-0.0001-0.01%
    USDSGD=X
    1.7302-0.0002-0.01%
    EURSGD=X
    2.1033-0.0002-0.01%
    GBPSGD=X
    81.7693+0.00190.00%
    SGDJPY=X
    6.1905+0.0004+0.01%
    SGDHKD=X
    2.5850+0.0002+0.01%
    SGDMYR=X
    9,116.9668-3.3359-0.04%
    SGDIDR=X
    4.9694-0.0038-0.08%
    SGDCNY=X
    1.1684-0.0007-0.06%
    AUDSGD=X
  • Commodities
    Commodities
    NamePriceChange% Chg
    1,294.00-7.90-0.61%
    GCQ14.CMX
    19.60+0.02+0.08%
    SIK14.CMX
    90.18-0.65-0.72%
    ^XAU
    3.05+0.02+0.51%
    HGK14.CMX
    104.30+0.83+0.80%
    CLK14.NYM
  • Bonds
    Bonds
    TreasuryYield (%)Yield Change
    1.73+0.08
    ^FVX
    2.72+0.08
    ^TNX
    3.52+0.06
    ^TYX

MARKET MOVERS

  • Most Actives
    Most Actives
    NamePriceChange% Chg
    0.115-0.002-1.71%
    B22.SI
    0.48+0.020+4.35%
    5GJ.SI
    2.27+0.090+4.13%
    5ME.SI
    2.190.0000.00%
    JS8.SI
    0.61+0.005+0.83%
    E5H.SI
  • % Gainers
    % Gainers
    NamePriceChange% Chg
    0.162+0.034+26.56%
    5GF.SI
    0.20+0.034+20.48%
    5WD.SI
    0.59+0.050+9.26%
    L5I.SI
    0.28+0.020+7.69%
    C33.SI
    0.215+0.015+7.50%
    5UE.SI
  • % Losers
    % Losers
    NamePriceChange% Chg
    0.103-0.010-8.85%
    5OS.SI
    0.112-0.008-6.67%
    5RC.SI
    0.355-0.025-6.58%
    KJ9.SI
    0.215-0.015-6.52%
    F9M.SI
    0.29-0.020-6.45%
    5PC.SI