STI MARKET REVIEW : Singapore share prices opened higher on
Tuesday with the Straits Times Index (STI) up 11.13 points or 0.39
per cent to 2,890.11 and ended 12.58 points or 0.44% higher to
2869.69. STI came off from its intra-day peak of 2890.11 and low of
2862.72.
Singapore equities inched up at noon,
with no clear direction to trading and little in the way of local new
cues. STI rose 0.42% to 2,894.40. Market breadth was positive.
However, later in the day STI was dragged in red through heavy
selling in the market.
LOCAL BOURSE
Singapore's GDP grew at a slower pace
of 1.8% on-year in the second quarter, from 2.8% in the first
quarter. On a quarter-on-quarter seasonally-adjusted annualized
basis, the economy contracted by 4.0%, a reversal from the 4.1%
growth in the preceding quarter.
Singapore is experiencing hazy
conditions on Tuesday, with the Pollutant Standards Index (PSI)
staying at the high end of the moderate range. PSI was 79 to 91. The
three-hour PSI, which is not linked to any health advisory, had been
rising since morning.
Market forecast: STI is expected to take side ways
trend. It has support level at 2850, if it breaks this level it may
down till 2830. It is trading within the range of 2830 - 2905. It has
its resistance at 2905. If has its resistance at 2900. Investor
sentiments are cautious as FED has shown some expectation to increase
profit by the end of this year.
STI COUNTER SPECIFIC
NEWS
- A subsidiary of Magnus Energy is forking out A$1 million (S$1 million) in cash to subscribe for 8 million shares in a new Australian oil and gas company.
- Neptune Orient Lines (NOL) on Tuesday said that besides reports that surfaced in July saying Singapore state investment firm Temasek Holdings has put it up for sale, it was not aware of anything else which might explain the trading in its shares.
- DBS has ambitions to introduce cashless options through a first-of-its-kind mobile application to hawker centers and quick-serve restaurants in Singapore, a senior bank executive said on Tuesday.
GLOBAL FACTORS AND WORLD INDICES:
- Shares in Hong Kong rose Tuesday following gains in New York after top Federal Reserve officials moved to reassure dealers about the US economy after being spooked by last week's decision to hold interest rates. The Hang Seng Index climbed 0.18 per cent, or 39.65 points, to close at 21,796.58.
- China stocks rebounded for the second day on Tuesday, in a further sign of improving investor sentiment that may help the market gradually stabilise after the rout since mid-June.
- Asian shares rose on Tuesday and the dollar held steady as US markets bounced back and the European Central Bank said it was prepared to ease monetary policy further.
- Taiwan stocks rose on Tuesday mostly following overseas markets and some bargain hunting after the previous day's losses, but further gains were capped due to uncertainties ahead of the central bank's policy meeting.
- The introduction of a new accounting standard for financial instruments will be challenging for the banking industry, especially when it comes to modeling for expected losses, the European Central Bank's supervisory chief said on Tuesday.
- The dollar advanced against the euro and other leading currencies Monday on comments from US central bankers who continue to eye a 2015 interest rate increase.
- US home resales fell more than expected in August, a cautionary sign for the US housing market which has recently looked on stronger footing. The National Association of Realtors said on Monday existing home sales dropped 4.8 per cent to an annual rate of 5.31 million units.
- Gold steadied below a near three-week high on Tuesday, retaining overnight losses as Asian equities and the dollar edged higher and as investors worried over the possibility of a US interest rate hike later this year.
- Oil prices rebounded on Monday , looked like a technical correction from heavy losses last week as the basic global oversupply picture remained intact.
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