Singapore shares opened higher following the rally on Wall Street overnight, in the wake of the Paris attacks. The benchmark Straits Times Index rose 19.68 points or 0.67 per cent to 2,935.41 in early trading on Tuesday. And closed lower to 1.4 points or .05%. STI came off from its intra-day peak of 2940.86 and low of 2910.17
Singapore shares opened at high and consolidated the market after the deadly Paris attacks.The October contraction was largely due to a 7.4% drop in exports of Integrated circuits (ICs), a 32.2% decline in parts of ICs and a 12.2% reduction in parts of personal computers.The exports are likely to stay weak for rest of the 2015.
STI is expected to consolidate with positive sentiments. It is expected to go upto 2995 If it breaks its resistance of 2945, it might go up to 2995. STI has its support at 2880. Investor’s sentiment are positive as today market show positive sentiment.
STI COUNTER SPECIFIC NEWS
- AusNet Services has posted 1H16 earnings of A$374.5 million ($377.7 million) compared to losses of A$4.9 million.Revenue for the six months increased 10% y-o-y to A$1.1 billion.
- SMRT Corp was fined $21,396.16 for not meeting the second-year standard for the percentage of taxis on the roads during peak period in February.
- Triyards Holdings has extended its product range to include escort tugs to meet the demands of new client.The contract is worth some US$12.8 million ($18.2 million) to build four RA star 3400 Azimuth Stern Drive Tugs.
GLOBAL FACTORS AND WORLD INDICES:
- Crude prices pushed higher after US-led coalition jets targeted the Islamic State group's oil operations in retaliation following the deadly attacks on Paris.The gains were not whole-hearted; early weakness in the market came after Japan, a major importer, reported a second straight quarter of economic contraction.
- Wall Street had its strongest session in three weeks , with sizeable gains in energy shares as investors bet Friday's deadly attacks in Paris would have little long-term impact on the US economy and corporate earnings.
- The euro hit a seven-month low against the US dollar after a key European Central Bank reinforced expectations for further monetary easing in emerging market currencies.
- Tokyo's benchmark index closed more than 1 % higher on a weaker yen,.The Nikkei 225 jumped 1.22 per cent, or 236.94 points, to 19,630.63.
- After a solid performance in morning trade, China stocks lost momentum and ended flat as small caps slumped on profit-taking, reflecting how market sentiment remained fragile.
- Singapore's non-oil domestic exports dipped 0.5 per cent ,after a 0.3 per cent rise, due to a drop in electronic NODX which outweighed the increase in non-electronic NODX.
- Hong Kong stocks rose roughly 1 per cent, reflecting strength in most Asian markets after an overnight rally in Wall Street signaled receding anxiety from Friday's deadly attacks in Paris.
- European stocks rose sharply in opening trade, as investors continued to show resilience after Friday's deadly terror attacks .
- Revenue at the world's 10 largest investment banks is on course to decline again in 2015 by two percent to US$148 billion compared to a year ago, although a strong showing in equities will limit the fall.It followed a weak third quarter, when revenue slipped by 8 per cent.
- Gold sank back towards five-year lows as the downward impact of a firmer U.S. dollar and weaker demand in major gold buyers weighed on prices.
- Expectations are growing that the United States will hike interest rates next month, which has pushed the dollar to its highest in half a year against a basket of currencies, making precious metals more expensive for holders of other currencies.