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
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    USDSGD=X
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    GBPSGD=X
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    SGDJPY=X
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    SGDMYR=X
    9,649.61720.000.00%
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    SGDCNY=X
    1.0168-0.0001-0.01%
    AUDSGD=X
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    1,315.30-8.10-0.61%
    GCQ16.CMX
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    SIU16.CMX
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    ^XAU
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    HGU16.CMX
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    CLU16.NYM
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    Bonds
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    5ME.SI
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    N21.SI
    0.137-0.004-2.84%
    43E.SI
    3.18+0.05+1.60%
    C31.SI
    4.28-0.02-0.47%
    Z74.SI
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    0.25+0.09+56.25%
    BFT.SI
    0.245+0.045+22.50%
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    BDF.SI
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    5G1.SI
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    BLW.SI
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