, Singapore

STI gains 0.4%

The index is forecast to extend its recovery.

OCBC Investment Research said:

Despite the muted display on Wall Street overnight, the positive Nikkei start (up 0.5% now) could provide a mildly positive cue to the local bourse this morning.

With the STI having registered a 0.4% gain in the last session, we could see it extending its recovery and approach the 3065 support-turned-resistance today.

Should this immediate obstacle be taken out, the index is then likely to march towards the 3100 psychological obstacle in the days ahead.

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On the downside, the immediate support is still pegged at the 3020 minor trough, with the subsequent base marked at the 3000 psychological support.

IG Markets Singapore meanwhile noted:

In Singapore the corporate earnings season kicks off this week with DBS, Singapore Airlines, Starhub and SIA Engineering among the blue chip all reporting. As always, Singapore’s big three local banks will be keenly watched to see how revenues have been holding up on the lending front.

The STI lifted 0.4% on Friday but sits at the same level as it did at the start of the month at 3057. More drifting could be on the cards as we head towards the end of the year with the impending doom of a fiscal cliff with at least $600 billion being withdrawn from the US economy.

But for today at least the futures market is pointing to a weaker open for the STI.

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