Stock Market Review for Singapore | STI Outlook 8th Jan

Share prices opened higher with the Straits Times Index up 5.73 points to 3,304.09.  Asian equity markets rallied, while oil prices enjoyed a rare fillip following a surge in New York and Europe on strong US data and expectations for fresh euro zone stimulus measures. Brent crude extended gains to hold above US$51 a barrel, after an unexpected fall in US crude stocks snapped a 4-session decline the previous day. High for the day was marked at 3347 and low at 3299.

Stock Signals

STI Day Performance
Open	3303.65
High	3347.21
Low	3299.64
Close	3345.11
Change(Points)	+46.75
% Change	+1.42%
Volume	1389.3M
Rise	233
Fall	118
Unch	850

Market forecast for STI: Today STI was up by 45 points. We may expect that STI will be bullish in next trading session.

STI LEVELS
Support 1	Support 2	Support 3	Resistance 1	Resistance 2	Resistance 3
3300	3280	3260	3350	3370	3404

Technical Indicators: RSI is at 54 and CCI is at 29.

Top Gainers			Top Losers
Scrip Name	CMP	%change	Scrip Name	CMP	%change
OCBC BANK.SG	0.32	3.14	CAPITAMALL TRUST.SG	-0.05	-2.4
CITYDEV.SG	0.3	2.99	COMFORTDELGRO.SG	-0.01	-0.39
UOB.SG	0.58	2.47	STARHUB.SG	-0.01	-0.24
WILMAR INTL.SG	0.07	2.21	ST ENGINEERING.SG	0.01	0.3
GOLDEN AGRI-RES.SG	0.01	2.2	JMH USD.SG	0.21	0.35

Important Factor for today:-

• Standard Chartered Bank has confirmed reports that it will shut down its institutional equities business globally as part of its US$400-million ($524-million) cost-cutting programme.
• Singapore is updating guidelines on an accounting practice mired in controversy for helping multinational companies minimize their tax bills, as the city-state moves more in line with a crackdown by Western governments on aggressive tax avoidance.
• Investors betting oil will rebound from the lowest prices in 5 1/2-years poured the most money in more than four years into funds that track crude.
• Singapore stocks held on to gains but trading was more subdued than yesterday's as penny stocks were less active
• Singapore's Deputy Prime Minister Teo Chee Hean expressed his sadness after a shocking attack at the office of satirical French magazine Charlie Hebdo left 12 dead and more than 20 injured.
• Raffles Education Corporation's Oriental University City Holdings announced the details of its share listing on the Hong Kong Stock Exchange's Growth Enterprise Market.