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
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    USDSGD=X
    1.5270+0.0021+0.14%
    EURSGD=X
    1.7854-0.0052-0.29%
    GBPSGD=X
    74.1920+0.049+0.07%
    SGDJPY=X
    5.7283+0.0047+0.08%
    SGDHKD=X
    2.9693-0.0076-0.26%
    SGDMYR=X
    9,785.5186+2.2773+0.02%
    SGDIDR=X
    4.9201+0.0068+0.14%
    SGDCNY=X
    1.0298-0.0009-0.09%
    AUDSGD=X
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    Commodities
    NamePriceChange% Chg
    1,327.30-2.40-0.18%
    GCZ16.CMX
    18.49-0.07-0.36%
    SIU16.CMX
    95.34-8.55-8.23%
    ^XAU
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    HGU16.CMX
    46.48-0.29-0.62%
    CLV16.NYM
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    Bonds
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    ^FVX
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    ^TNX
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    0.128-0.001-0.78%
    N21.SI
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    E5H.SI
    0.59-0.01-1.67%
    5TP.SI
    1.00+0.01+1.01%
    Y92.SI
    0.785-0.010-1.26%
    BS6.SI
  • % Gainers
    % Gainers
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    0.45+0.09+26.76%
    AYB.SI
    0.465+0.080+20.78%
    E8Z.SI
    0.16+0.02+14.29%
    UV1.SI
    0.20+0.02+11.11%
    BGO.SI
    0.188+0.018+10.59%
    AWS.SI
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    0.35-0.10-22.22%
    BFK.SI
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    Y35.SI
    0.40-0.06-13.04%
    BBW.SI
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    AWI.SI
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    BLZ.SI