Singapore’s STI is up 1.0% at 3,109.10, a tad lower that its midday level and off its early 3116 high, but the index looks set to close in positive territory as the market recovers its poise somewhat after last week’s slide, along with regional bourses, while US stock futures are also pointing north.
A trader at a local brokerage says the market is simply rebounding after last week’s 4.0% tumble and is likely to stay around its current levels for the rest of the day, with further upside limited to “no more than 3120.” He adds that on a medium term perspective, “the market is biased upwards.”
olume shrinks today to 812 million shares traded so far, but worth $1.03 billion, reflecting interest in blue chip stocks with solid earnings prospects which have become cheap after the recent selloff. Leading those are rig builders Keppel (BN4.SG), SembMarine (S51.SG) and SembCorp (U96.SG) up 2.0%-2.7%, while banks DBS (D05.SG), OCBC (O39.SG) and UOB (U11.SG) are up 0.6%-1.5%.