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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  • Currencies
    Currencies
    NamePriceChange% Chg
    1.3646+0.0006+0.05%
    USDSGD=X
    1.5261-0.0039-0.25%
    EURSGD=X
    1.7676-0.0005-0.03%
    GBPSGD=X
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    SGDJPY=X
    5.6779-0.0061-0.11%
    SGDHKD=X
    3.0389+0.016+0.53%
    SGDMYR=X
    9,543.1885+0.47560.00%
    SGDIDR=X
    4.8856-0.0014-0.03%
    SGDCNY=X
    1.0391-0.0018-0.17%
    AUDSGD=X
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    Commodities
    NamePriceChange% Chg
    1,329.40+3.40+0.26%
    GCZ16.CMX
    19.23+0.04+0.22%
    SIZ16.CMX
    95.01-0.66-0.69%
    ^XAU
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    HGZ16.CMX
    43.85+0.41+0.94%
    CLV16.NYM
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    ^TNX
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  • Most Actives
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    0.153-0.007-4.37%
    N21.SI
    0.126+0.019+17.76%
    40F.SI
    0.116+0.004+3.57%
    40E.SI
    0.355-0.005-1.39%
    E5H.SI
    3.96-0.06-1.49%
    Z74.SI
  • % Gainers
    % Gainers
    NamePriceChange% Chg
    0.126+0.019+17.76%
    40F.SI
    0.495+0.055+12.50%
    NC2.SI
    0.164+0.016+10.81%
    40N.SI
    0.113+0.007+6.60%
    43E.SI
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    BHU.SI
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    NamePriceChange% Chg
    0.20-0.06-23.08%
    AWI.SI
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    BQD.SI
    0.30-0.03-9.09%
    5VP.SI
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    AYV.SI
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    BKA.SI