Singapore Stock Market Review & Technical Report 29th Dec

Market Review for STI:

Share prices opened higher with the Straits Times Index up 6.43 points to 3,360.11.Asian markets mostly rose the first full day of trade after the Christmas break, with confidence boosted by Chinese easing measures and another Wall Street record and Oil prices rose , after dropping for the past two sessions, as escalating clashes in Libya stoked worries about supply from the OPEC member.

High of the day was 3,367.710 and low 3,356.620. Get Stock Tips Here

STI Day Performance

Open: 3293.72

High: 3367.71

Low: 3356.62

Close: 3367.69

Change (in Points): +14.01

%Change: +0.42%

Volume: 873.3M

Rise: 201

Fall: 164

Unch: 832

Market forecast for STI:

STI crossed its major resistance we may expect bullish trend in next trading session.

Technical Indicators:

RSI is at 61 and CCI is at 122.

STRAITS TIME LEVELS

Support 1: 3350

Support 2: 3340

Support 3: 3330

Resistance 1: 3375

Resistance 2: 3385

Resistance 3: 3395

Macroeconomic factors:

• SGX said it will upgrade its derivatives trading and clearing platforms.The upgraded platforms, SGX TITAN, will strengthen SGX's risk controls and system safeguards to help market participants manage their trading and clearing positions on a 24-hour basis, SGX said. They are expected to be rolled out around the end of calendar year 2016.
• Price of completed non-landed private homes in Singapore dipped 0.3 per cent in November over October based on flash estimates from the National University of Singapore for its Overall Singapore Residential Price Index (SRPI) .
• Singapore's JTC Corporation has launched a site at Tuas South Street 7 (Plot 53) for sale by public tender under the second half 2014 Industrial Government Land Sales (IGLS) Program. 
• Small medium enterprises (SMEs) in Singapore are citing a lower growth momentum and a more conservative outlook for the first-half of 2015.
• HITACHI Ltd plans to acquire Singapore engineering company Aqua Works and Engineering Pte Ltd, which specializes in water related installations for commercial facilities, public spaces and residential properties in Singapore. The purchase price was not disclosed. Aqua Works made sales of S$9.07 million in fiscal 2013.
• Sheng Siong Group has signed a conditional joint-venture (JV) agreement with Kunming LuChen Group Co Ltd to operate supermarkets in China.
• As online shopping booms, M1 and Rakuten Singapore are pairing up in a deal that is the first of its kind between the Japanese e-commerce firm and a local company.