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
    1.4173+0.0015+0.11%
    USDSGD=X
    1.5773-0.0117-0.74%
    EURSGD=X
    2.1632-0.0032-0.15%
    GBPSGD=X
    84.5934-0.4216-0.50%
    SGDJPY=X
    5.4689-0.0054-0.10%
    SGDHKD=X
    2.9853+0.0074+0.25%
    SGDMYR=X
    10,094.5654+78.6025+0.78%
    SGDIDR=X
    4.4943+0.0046+0.10%
    SGDCNY=X
    0.9956-0.0011-0.11%
    AUDSGD=X
  • Commodities
    Commodities
    NamePriceChange% Chg
    1,123.20-10.40-0.92%
    GCZ15.CMX
    14.670.00+0.02%
    SIZ15.CMX
    45.83-0.40-0.87%
    ^XAU
    2.38+0.05+2.23%
    HGZ15.CMX
    47.20+0.95+2.05%
    CLV15.NYM
  • Bonds
    Bonds
    TreasuryYield (%)Yield Change
    1.49-0.03
    ^FVX
    2.17-0.03
    ^TNX
    2.94-0.02
    ^TYX

MARKET MOVERS

  • Most Actives
    Most Actives
    NamePriceChange% Chg
    0.310.000.00%
    5WA.SI
    0.1320.0000.00%
    5DN.SI
    0.13+0.01+10.17%
    5GJ.SI
    3.70+0.03+0.82%
    Z74.SI
    0.140.00+3.70%
    AFC.SI
  • % Gainers
    % Gainers
    NamePriceChange% Chg
    0.205+0.047+29.75%
    L02.SI
    0.59+0.08+15.69%
    UD3.SI
    0.17+0.02+13.33%
    40N.SI
    0.19+0.02+11.76%
    5G1.SI
    0.195+0.019+10.80%
    KJ5.SI
  • % Losers
    % Losers
    NamePriceChange% Chg
    0.415-0.070-14.43%
    MN5.SI
    0.117-0.018-13.33%
    510.SI
    0.124-0.016-11.43%
    TI6.SI
    0.66-0.08-10.81%
    AXV.SI
    0.55-0.06-10.57%
    AXZ.SI