On 12/Mar, STI ended up 7.45 points, or 0.3%, at 2,881.36. Volume was average with 1.36 billion shares traded compared with 1.47 billion shares Thursday. Gainers outnumbered losers 244 to 207. Overall the recent rally for the past few days has been weak and not in broad VOL. Therefore I would encourage staying at sideline and awaiting better opportunity to enter. (Prepare to sell if swing downside)
COSCO Corp. fell 2.4% to S$1.23 @ HIGH VOL of 28 million shares traded after the Singapore Exchange announced that it will drop the shipping company from the STI and replace it with recently listed CapitaMalls Asia, which rose 1.3% to S$2.37. COSCO will be removed from the STI March 22. If you are currently vested in COSCO, I would advise to try to sell if profit. Further downside will be expected to continue in the next week.
Immediate support of Cosco: $1.16
Immediate resistance of Cosco: $1.31
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