On 20/Feb, Singapore shares ended higher after China eased policy over the weekend
STI ended higher at 3021.19 (0.7%) with HIGH VOL of 2.21 billion shares traded compared with 1.88 billion shares Thursday. In the broader market, gainers outnumbered losers 233 to 200. Today STI rally is lack of conviction as investors are merely buying up specific stocks.
Headline in STI
Olam International Ltd. (O32.SG) expects to launch its proposed issue of Singapore dollar-denominated perpetual capital securities in the “near future,” and has appointed bankers for the offer.
Oversea-Chinese Banking Corp. (O39.SG) 4Q net profit rose 18% to S$594 million compared with S$505 million a year earlier due to higher net-interest income arising from strong loan growth.
CapitaMalls Asia Ltd. (JS8.SG) wholly owns three shopping malls in Japan, after buying the remaining 73.71% interest in each property from CapitaMalls Japan Fund.
Technical Analysis on STI
Immediate Resistance of STI: 3077
Immediate Support of STI: 3005
MY sentiment on STI: STI broke the critical resistance at 3077 and closed right at the HIGH today. However the market breadth is relatively weak which indicate that the investors are merely buying specific stocks and not the overall market. We maintain the view of selling on overbought market.
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