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
    NamePriceChange% Chg
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    USDSGD=X
    1.5094+0.0042+0.28%
    EURSGD=X
    2.1495+0.0071+0.33%
    GBPSGD=X
    90.2029-0.1714-0.19%
    SGDJPY=X
    5.6378-0.0172-0.30%
    SGDHKD=X
    2.8017+0.013+0.47%
    SGDMYR=X
    9,827.3047-28.2686-0.29%
    SGDIDR=X
    4.5165-0.0133-0.29%
    SGDCNY=X
    1.0036+0.0014+0.14%
    AUDSGD=X
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    Commodities
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    1,095.40+0.50+0.05%
    GCQ15.CMX
    14.75-0.04-0.28%
    SIZ15.CMX
    47.57+0.92+1.98%
    ^XAU
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    HGU15.CMX
    48.48-0.44-0.90%
    CLZ15.NYM
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    ^FVX
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    N21.SI
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    MC0.SI
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    E5H.SI
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    5DN.SI
    0.3150.0000.00%
    5WA.SI
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    0.46+0.07+17.95%
    AZZ.SI
    0.27+0.04+17.39%
    5WR.SI
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    5NF.SI
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    D79.SI
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    AXL.SI
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