On 02/Sept, Singapore shares end higher Thursday as better-than-expected U.S. manufacturing data boost the optimism on economics growth.
STI ended higher at 2986.7 (0.13%) with regular VOL of 1.72 billion shares traded compared with 1.67 billion shares Wednesday. In the broader market, gainers outnumbered losers 273 to 185. In the morning, STI gap up at 3013 but failed to maintain above the important resistance of 3000 and closed almost flat.
Headline in STI
Before market close
The Board of Directors of NZ Farming Systems Uruguay (NZFSU) has advise stakeholders to accept Olam takeover offer at NZ 70 cents/share
After market close
Singapore PMI fell 2.8 points from July to 49.4 in August after growing for 15 straight months. A reading above 50 suggested an expansion in manufacturing activity while a reading below 50 indicates contraction.
Technical Analysis on STI
Immediate Resistance of STI: 3000
Immediate Support of STI: 2950
MY sentiment on STI: We would not suggest buying stocks now since the market sentiment is not as bullish as we thought. If vested, we will watch out for the supports and not start selling at this moment.
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