On 8/Mar, Singapore shares ended at its highest close in seven weeks Monday due to the positive news about Greece and better than expected U.S. nonfarm payrolls results on Fri. STI ended up 44.28 points, or 1.6%, at 2,834.57 points, its highest close since Jan 22 with 1.46 billion shares traded compared with 1.35 billion shares Friday. On the broader market, gainers outnumbered losers 318 to 152. Overall this would be considered as improvement in VOL and the bull has finally started to gain strength for this rally. However I would not encourage any buy up now since most of the good counters are already in oversold region.
Today Hyflux has soars 4.4% up to close at $3.53 with HIGH VOL of 1.76 million shares traded. These sudden up roar in price is due to Hyflux has been awarded a S$43.8 million contract by the TP Utilities to undertake the engineering, procurement and construction (“EPC”) works for stage one of the Tembusu Seawater Desalination Plant. Further upside will be expected tomorrow with the next immediate resistance @ $3.54 and major resistance @ $3.66.
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