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
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    EURSGD=X
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    SGDJPY=X
    5.6354+0.0118+0.21%
    SGDHKD=X
    2.9815+0.0042+0.14%
    SGDMYR=X
    9,867.9922+0.8086+0.01%
    SGDIDR=X
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    SGDCNY=X
    0.9967+0.0043+0.44%
    AUDSGD=X
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    Commodities
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    GCQ16.CMX
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    SIN16.CMX
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    ^XAU
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    HGN16.CMX
    49.480.000.00%
    CLN16.NYM
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    1.025+0.015+1.49%
    C22.SI
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    N21.SI
    3.95+0.05+1.28%
    Z74.SI
    0.78+0.02+2.63%
    G13.SI
    0.385+0.005+1.32%
    E5H.SI
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    0.345+0.020+6.15%
    588.SI
    0.71+0.04+6.77%
    5ML.SI
    0.345+0.015+4.55%
    AXB.SI
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    40T.SI
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    BDU.SI
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    0.285-0.035-10.94%
    S19.SI
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    BRR.SI
    0.255-0.005-1.92%
    528.SI
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    BLH.SI
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    43E.SI