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Post Info TOPIC: STI
tfwee


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RE: STI
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Wednesday November 2, 5:57 PM
Singapore Shares End Higher,Led By Bank, Property Sectors

SINGAPORE (Dow Jones)--Singapore shares ended higher Wednesday, despite overnight weakness on Wall Street, led by gains in bank and property stocks on a technical recovery and attractive valuations, traders said.

The Straits Times index closed up 38.77 points, or 1.75%, at 2255.54, extending its 1.11% gain in Monday's session. The Singapore market was closed for a public holiday on Tuesday. It will be closed Thursday for another holiday.

Gainers beat losers 352 to 161. Volume rose to 722.1 million shares, compared with Monday's 675.7 million shares.

Among property shares, Capitaland added 2.5% to S$3.26 and Keppel Land advanced 3.1% to S$3.94.

In the bank sector, United Overseas Bank gained 2.9% to S$14.20, after posting better-than-expected third-quarter results last week. Positive sentiment toward UOB spilled over to Singapore's other two top banks, with DBS Group Holdings advancing 2% to S$15.60 and Oversea-Chinese Banking Corp. gaining 0.8% to S$6.35.

Telecom stocks also advanced, with SingTel rising 1.72% to S$2.37, MobileOne gaining 0.5% to S$2.01 and StarHub adding 1.54% to S$1.98.

Fraser & Neave jumped 4.2% to S$17.50 on renewed speculation that the company may spin off its retail malls into a real estate investment trust, a local analyst said.

Bucking the trend, Jardine Cycle & Carriage dropped 1% to S$10.40.

REITs were also generally lower ahead of the pending initial public offering of two REITs in Hong Kong.

Fortune REIT fell 1.79% to HK$5.50 and CapitaMall Trust shed 0.43% to S$2.30

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KK


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Extracts fm Kim Eng Report dated 26-Oct-05,

Crucial for STI to remain above 2218 close

The Straits Times Index may have bottomed in the near term following its precipitous 103-point drop to 2,200 last week. Our reasons are predicated on the following:


  • Initial wave projection target has been achieved. The fall from 2,400 to 2,259 represents wave A, the rebound from 2,259 to 2,356 wave B and the cycle was completed with wave C's downward move from 2,356 on Oct 11. While 2,200 support was recently probed on an intraday basis, the wave A = wave C downside target of 2,218 remained intact.
  • The 200-day moving average at 2,205 - long-term support reference - also remained intact at day's close. This is the second time the 200-day moving average has been probed since the post-Sars bull market began in March 2003; the first probe occurred in May 2004 and that attempt similarly ended STI's intermediate correction.

The implication of this development is the likelihood of the STI winging an upward retracement trend back towards the 38.2 per cent retracement level of 2,276.

However, market sentiment is likely to remain restrained for now in view of the coming Deepavali-Hari Raya holiday week. Expect pockets of strength rather than a broad base recovery.

On a final note, STI's ability to maintain above 2,218 at day's close is seen as critical. Weakness below this level can signal more downside to 2,128.



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Extracts fm OCBC Report dated 26-Oct-05,


Straits Times Index
Date: 25 Oct 2005
Close: 2,226.46
Change: +3.63 or +0.16%
Support: 2187
Resistance: 2250


Comments:


  • Despite the strong closing for US markets on Monday, the STI only managed to post a gain of 3.63 points. This demonstrates the weakness in the local bourse, and sell into strength has proven to be the right move.
  • From the chart of the STI, Wave 5 may have surfaced. If the downtrend is a correction to the long-term uptrend, we are in Wave C for now. But if the long-term had ended, we should be in a Wave 3 downtrend. Regardless of Wave C or Wave 3, we have a target of 2,161 if this wave is 1.382x of the fall from 2,399 to 2,258.
  • From the past five trading days, we have observed one very important point. The short-term price pattern resembles a bear pennant. It established a trading range of 54-point (2,200 – 2,254), slightly tilted upward.
  • Short-term trend continues to be sideways or downward bias. A close below 2,200, which is the recent low, will complete the bear pennant formation.
  • Recommend to sell on strength.


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KK


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Extracts fm OCBC Report dated 25-Oct-05,

Straits Times Index
Date: 24 Oct 2005
Close: 2,222.83
Change: -16.53 or -0.7%
Support: 2187
Resistance: 2250

Comments:
- The STI returned early gain yesterday and ended the day at the lowest point.
- It attempted the resistance of 2250 yesterday, but failed to stay for long after it reached a high of 2254.
- The Dow Jones Industrial Average rebounded last night, the STI should start off with a strong trading session, recommend to close off long position if there is any.


 



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KK


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Extracts fm OCBC Report dated 24-Oct-05,

Straits Times Index
Date: 21 Oct 2005
Close: 2,239.36
Change: +12.48 or +0.56%
Support: 2187
Resistance: 2250

Comments:
- The STI staged a dead cat bounce last Friday, but most of the technical indicators have not improved much
- From the weekly chart, it lost nearly 64 points, and this has threatened the long-term uptrend in the weekly chart.
- MACD went below -10, and we have not seen this for more than 17 months. The short-term outlook is expected to be downward bias.
- Expect the STI to look for a firmer support in the coming days.



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tfwee


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Singapore shares outlook - Higher on bargain-hunting after Wall St rebound

20 October 2005, 08:23

SINGAPORE (XFN-ASIA) - Share prices are expected to open higher on bargain-hunting after the market's slump yesterday, supported by Wall Street's rebound overnight, dealers said.

The Straits Times index yesterday closed down 66.03 points or 2.89 pct at 2,218.13.

Volume was 1.36 bln shares valued at 1.39 bln sgd.

Losers beat gainers 578 to 77, with 819 shares unchanged.

"We could see some bargain-hunting today given Wall Street's rebound overnight," a dealer with a local brokerage said.

However, investors are likely to remain cautious particularly on technology stocks. Rising inventories at computer chip giant Intel Corp does not bode well for semiconductor stocks as this could lead to weaker demand in the coming months, analysts said.

"It looks like the first half of 2006 will be challenging for the sector, " an analyst with a regional brokerage said.

Property stocks, which had led the market's decline this week, may see some bargain-hunting although investors are likely to remain selective, focusing on developers with exposure to the high-end residential market, dealers said.


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tfwee


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Singapore shares fall sharply, led by property, tech firms
19 October 2005, 17:34

SINGAPORE (XFN-ASIA) - Share prices fell sharply, with the key Straits Times Index hitting its lowest level in four months, weighed down by Wall Street's retreat overnight and technology stocks hurt by Intel Corp's disappointing quarterly profit, dealers said.

The Straits Times index was down 66.03 points or 2.89 pct at 2,218.13.

Volume was 1.36 bln shares valued at 1.39 bln sgd.

Losers beat gainers 578 to 77, with 819 shares unchanged.

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tfwee


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Extracted from Kim Eng

Singapore Market Today

Market sentiment had turned for the worse in recent sessions. A combination of factors is blamed - October anomaly, inflation worries, interest fears, earnings phobia and bird flu. The benchmark Straits Times Index faltered rapidly from 2,356 and hit a session low of 2,272 yesterday. While we did not rule out such pull-backs in the STI, last week's decline exceeded our expectations.

The index fell below both the 15-day and 60-day moving averages on Monday.The
implication is that bulls hoping for an uptrend to 2,400 and beyond should think again.

The 2,290 to 2,325 region now becomes a congestion area that could put a cap on near-term technical rebounds. Short-term resistances are pegged at 2,290-2,300 and 2,317-2,325. The previous intermediate low at 2,268 is critical and should hold in the immediate term.

The index should range within 2,268 and the short-term resistances for now. However, if the STI continues to deteriorate below 2,268 on a closing basis, then we would expect further downside towards the 200-day moving average support at 2,215 (based on the wave theory of wave C = wave A), with an intermediate point at 2,246-2,258. At this juncture, only a rally above the upper band of the current congestion range at 2,325 will invalidate our current technical view.




-- Edited by tfwee at 18:11, 2005-10-19

-- Edited by tfwee at 18:18, 2005-10-19

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