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
    1.3634+0.0002+0.01%
    USDSGD=X
    1.4678-0.00010.00%
    EURSGD=X
    2.0226+0.0015+0.07%
    GBPSGD=X
    87.7031-0.1086-0.12%
    SGDJPY=X
    5.6853-0.0017-0.03%
    SGDHKD=X
    2.7094+0.0161+0.60%
    SGDMYR=X
    9,525.5244+16.2744+0.17%
    SGDIDR=X
    4.5444-0.0025-0.06%
    SGDCNY=X
    1.0366+0.0003+0.02%
    AUDSGD=X
  • Commodities
    Commodities
    NamePriceChange% Chg
    1,203.70-4.50-0.37%
    GCM15.CMX
    16.95-0.11-0.64%
    SIK15.CMX
    68.90+3.40+5.19%
    ^XAU
    2.740.00-0.13%
    HGK15.CMX
    49.66-0.43-0.86%
    CLK15.NYM
  • Bonds
    Bonds
    TreasuryYield (%)Yield Change
    1.33-0.05
    ^FVX
    1.87-0.07
    ^TNX
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    ^TYX

MARKET MOVERS

  • Most Actives
    Most Actives
    NamePriceChange% Chg
    0.188+0.005+2.73%
    A50.SI
    0.2850.0000.00%
    5WA.SI
    0.915-0.005-0.54%
    N21.SI
    0.785+0.020+2.61%
    Y92.SI
    0.415-0.010-2.35%
    E5H.SI
  • % Gainers
    % Gainers
    NamePriceChange% Chg
    0.19+0.05+35.71%
    5RC.SI
    0.42+0.09+27.27%
    5UL.SI
    0.42+0.07+21.74%
    5DS.SI
    0.152+0.016+11.76%
    K2P.SI
    0.127+0.011+9.48%
    V69.SI
  • % Losers
    % Losers
    NamePriceChange% Chg
    0.141-0.029-17.06%
    40B.SI
    0.092-0.013-12.38%
    A18.SI
    0.13-0.02-12.16%
    L10.SI
    0.495-0.055-10.00%
    TI6.SI
    0.112-0.011-8.94%
    B32.SI