STI Singapore Market Forecast 13-Sept

Market Forecast

Markets on recovery mode as from the 1st trading day of the week. STI took support @ its lower trend line around 2980 levels and today STI closed just below the upper down slopping trend line after crossing its 20 day MA level. 

Now from todays move market likely to remain bullish for this week. As we told in our previous report that below STI fall in the downward channel and as it faced resistance @ upper down slopping trend line so expected that it can took support @ the down slopping support line @ 2980 levels.

STI closed above its 50 day MA level @3029.66 , so for next trading session if it will maintain above this level and crossed its 3035-3040 mark which is strong and multiple resistance level for STI than we can expect further bullishness in market. Technical indicators are looking in recovering mode on charts.

Support

STI having nearest support @ 3010 level and below this level it can take support @ 2995-2975 will be the support zone for STI.

Resistance

STI having Resistance @3040 and above this level it may take resistance @ 3060-3080 levels.

STI Singapore Market - End of Report 12-Sept

Singapore index opens higher today above its 50 day MA level of 3024.49 and sustain this level. The STI Index closed at 3029.66, up by 13.26 points

Singapore share opens higher @ 3031.63 and made a day high @ 3035.80 and faced resistance @ this level as it is the resistance level and fell down and made a low of 3021.14 and finally closed @ 3029.66 with gain of 13.26 points up by 0.44%.

Stocks in Singapore closed slightly higher, Volume was 1.40 billion shares valued at $1.25 billion. Gainers led losers 287 to 130

Top Actives Name Volume Last Change GSH Corp 85375000 0.103 +0.0010 GoldenAgr 79030000 0.67 +0.0050 Noble Grp 64724000 1.275 +0.025 Yoma 41235000 0.415 +0.02 GMG 34194000 0.124 +0.0020 Nam Cheong 33400000 0.21 +0.01 Genting SP 32722000 1.385 +0.01 HSI20000MBePW121030 29874000 0.132 -0.016 $ YHM 29510000 0.0030 -0.0010 Blumont 28993000 0.089 +0.0010

Top Gainers

STI Up by 0.27% till Midday- Shares at 2 Weeks High

STI Stocks News

Singapore shares rose to a two-week high at midday, led by developer Hongkong Land Holdings Ltd, as comments from Chinese premier Wen Jiabao that the government will continue to support growth boosted investor confidence.

The benchmark Straits Times Index was up 0.27% at 3,024.49 points. Asian shares were also broadly higher, with the MSCI’s broadest index of Asia-Pacific shares outside Japan up 1.1%. 

Hongkong Land rose 2.6% to $6.03 on better optimism on China’s growth. Premier Wen Jiabao said on Tuesday that China is on track to meet this year’s target for economic growth and if needed, the government could utilise a 100 billion yuan ($19.5 billion) fiscal stability fund to boost growth. 

DBS Vickers raised its target price for StarHub to $3.67 from $3.50 and kept its ’hold’ rating, citing higher earnings from its new 4G mobile services. 

The brokerage expects StarHub’s 2013 and 2014 earnings to rise by 4 and 8% respectively, but said larger rival Singapore Telecommunications will see only a marginal impact. StarHub shares were up 0.3% at $3.66, while SingTel shares were flat at $3.33.

STOCKS NEWS SINGAPORE-DMG, Keeps Sell

STOCKS NEWS SINGAPORE-DMG raises SGX target to S$5.30, keeps sell

DMG & Partners Securities raised its target price on Singapore Exchange Ltd (SGX) to S$5.30 from S$5.00, but maintained its 'sell' rating on the bourse operator.

SGX shares were down 0.6 percent at S$6.88 on Wednesday. The stock has gained 12 percent so far this year versus the 14 percent gain in the broader Straits Times Index.

SGX recorded average daily turnover (ADT) of S$1.41 billion ($1.15 billion) in August, up from S$1.23 billion in July, largely due to increased trading of Fraser and Neave Ltd shares, DMG said.

Thai Beverage PCL is working with a partner on a potential bid for F&N to get its hands on the Singapore company's property and soft drinks businesses after Heineken NV took pole position in the battle to buy F&N's prized beer brewer.

But SGX's nine-year ADT compound annual growth rate is half that of Hong Kong Exchanges and Clearing Ltd (HKEx), DMG said, adding that HKEx is more likely to be a beneficiary of foreign funds inflow than SGX.

STI Market Forecast For 12-Sept

STI Signals:

Market starts higher side for the 1st trading day of the week above 3010 and faced resistance below previous day high level @ 3019.63

Now from todays move market likely to remain sideways for this week. As we told in our previous report that below STI fall in the downward channel and as it faced resistance @ upper down slopping trend line so expected that it can took support @ the down slopping support line @ 2980 levels.

Today also STI faced Resistance @ its 50 day MA level it made a high of 3019.63 just near to its DMA, we can expect for the coming days if it will crossed this 3021 level and maintain this than above this 3037.85 it’s 20 Day MA level can act as a next Resistance for coming days. Technical indicators are looking in recovering mode on charts.

Intraday Support:

STI having nearest support @ 2995 level and below this level it can take support @ 2980-2960 will be the support zone for STI.

Intraday Resistance:

STI having Resistance @3020 and above this level it may take resistance @ 3040-3060 levels.