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
    1.3303+0.0012+0.09%
    USDSGD=X
    1.4879-0.0005-0.03%
    EURSGD=X
    2.0147+0.0027+0.13%
    GBPSGD=X
    90.3220-0.1114-0.12%
    SGDJPY=X
    5.8261-0.0056-0.10%
    SGDHKD=X
    2.7015-0.0024-0.09%
    SGDMYR=X
    9,766.6719-18.5293-0.19%
    SGDIDR=X
    4.6754+0.0004+0.01%
    SGDCNY=X
    1.04160.000.00%
    AUDSGD=X
  • Commodities
    Commodities
    NamePriceChange% Chg
    1,174.50-8.10-0.69%
    GCM15.CMX
    16.14-0.03-0.17%
    SIN15.CMX
    73.19+0.32+0.44%
    ^XAU
    2.93+0.04+1.51%
    HGN15.CMX
    59.15-0.58-0.97%
    CLM15.NYM
  • Bonds
    Bonds
    TreasuryYield (%)Yield Change
    1.51+0.06
    ^FVX
    2.12+0.07
    ^TNX
    2.83+0.07
    ^TYX

MARKET MOVERS

  • Most Actives
    Most Actives
    NamePriceChange% Chg
    0.191-0.003-1.55%
    B0Z.SI
    0.290.00-1.69%
    5WA.SI
    0.865+0.010+1.17%
    N21.SI
    0.151-0.029-16.11%
    41T.SI
    4.43-0.01-0.23%
    Z74.SI
  • % Gainers
    % Gainers
    NamePriceChange% Chg
    0.665+0.120+22.02%
    41E.SI
    1.045+0.165+18.75%
    AVM.SI
    1.005+0.105+11.67%
    AVN.SI
    0.235+0.020+9.30%
    5G1.SI
    0.25+0.02+8.70%
    E94.SI
  • % Losers
    % Losers
    NamePriceChange% Chg
    0.151-0.029-16.11%
    41T.SI
    0.17-0.02-10.53%
    5OQ.SI
    0.103-0.012-10.43%
    T16.SI
    0.235-0.025-9.62%
    F86.SI
    0.89-0.06-6.81%
    C29.SI