Singapore Stock Market Analysis Report 8th Jan

Share prices opened higher with the Straits Times Index up 5.73 points to 3,304.09.  Asian equity markets rallied, while oil prices enjoyed a rare fillip following a surge in New York and Europe on strong US data and expectations for fresh euro zone stimulus measures. Brent crude extended gains to hold above US$51 a barrel, after an unexpected fall in US crude stocks snapped a 4-session decline the previous day. High for the day was marked at 3347 and low at 3299.

STI Day Performance
Open	3303.65
High	3347.21
Low	3299.64
Close	3345.11
Change(Points)	+46.75
% Change	+1.42%
Volume	1389.3M
Rise	233
Fall	118
Unch	850

Market forecast for STI: Today STI was up by 45 points. We may expect that STI will be bullish in next trading session.

STI LEVELS
Support 1	Support 2	Support 3	Resistance 1	Resistance 2	Resistance 3
3300	3280	3260	3350	3370	3404

Technical Indicators: RSI is at 54 and CCI is at 29.

Top Gainers			Top Losers
Scrip Name	CMP	%change	Scrip Name	CMP	%change
OCBC BANK.SG	0.32	3.14	CAPITAMALL TRUST.SG	-0.05	-2.4
CITYDEV.SG	0.3	2.99	COMFORTDELGRO.SG	-0.01	-0.39
UOB.SG	0.58	2.47	STARHUB.SG	-0.01	-0.24
WILMAR INTL.SG	0.07	2.21	ST ENGINEERING.SG	0.01	0.3
GOLDEN AGRI-RES.SG	0.01	2.2	JMH USD.SG	0.21	0.35

Important Factor for today:-

• Standard Chartered Bank has confirmed reports that it will shut down its institutional equities business globally as part of its US$400-million ($524-million) cost-cutting programme.
• Singapore is updating guidelines on an accounting practice mired in controversy for helping multinational companies minimize their tax bills, as the city-state moves more in line with a crackdown by Western governments on aggressive tax avoidance.
• Investors betting oil will rebound from the lowest prices in 5 1/2-years poured the most money in more than four years into funds that track crude.
• Singapore stocks held on to gains but trading was more subdued than yesterday's as penny stocks were less active
• Singapore's Deputy Prime Minister Teo Chee Hean expressed his sadness after a shocking attack at the office of satirical French magazine Charlie Hebdo left 12 dead and more than 20 injured.
• Raffles Education Corporation's Oriental University City Holdings announced the details of its share listing on the Hong Kong Stock Exchange's Growth Enterprise Market.