Singapore Stock Market Daily Report 12th Jan

Share prices opened flat with the Straits Times Index down 1.00 points to 3,337.44.Oil fell further in Asia , with weak demand and a supply glut putting relentless pressure on prices already at their lowest in five and a half years. 

STI Day Performance

Open: 3344.89
High: 3347.76
Low: 3331.72
Close: 3344.89
Change(Points): +6.45
% Change: +.19%
Volume: 1087M
Rise: 139
Fall: 226
Unch: 838

Market forecast for STI: We may expect STI will be up in the next trading day as it may be reach level of 3373 at its major resistance.

Technical Indicators: RSI is at 54 and CCI is at 43.

STRAITS TIME  LEVELS

Support 1: 3301
Support 2: 3280
Support 3: 3260
Resistance 1: 3350
Resistance 2: 3374
Resistance 3: 33404

Important Factor for today:-

• CREDIT Suisse now believes Singapore's central bank will ease monetary policy in April, considering the weaker inflation outlook and subdued GDP (gross domestic product) growth prospects.
• Global oil prices extended their slide weighed by weakening demand in Europe and Asia, while refineries in Philadelphia and Ohio were hit hard by fires over the weekend, curtailing demand for crude in the U.S.
• A sudden new-year jump in Singapore interest rates threatens to push up mortgage costs and steepen a slide in home prices.The three-month Singapore interbank offered rate, against which most home loans are benchmarked, has risen 18 basis points to 0.6392% this year to the highest since April 2010, driven by a stronger US dollar and new liquidity requirements for Singapore banks.
• Business optimism in Singapore tumbled to near-contractionary levels in Q1 2015, amid mounting concerns over an intensification of global political headwinds and softer regional demand in the external-oriented sector.
• Mobile telecommunication services provider Edition is looking to engage in financial services business in China.
• OLAM International said  that it has agreed to sell wool broker Western Wool Marketing to Quality Wool, marking the Singapore commodities group's exit from its niche Australian wool business.