STI ended 22.66 points (0.8%) higher at 2880.33 with 1.51 billion shares traded compared with 1.81 billion Tuesday. In the broader market, gainer outnumbered loser 344 to 142. Today’s rally has been very weak at LOW VOL with index swinging in and out of positive territory throughout the market session.
"Sentiment does not seem to be too positive despite the nearly US$1 trillion bailout package from the euro zone," Phillip Securities analyst Phua Ming-Weii said.
Headline in STI
Wilmar International Ltd. (F34.SG) reported a 5.6% net profit increases at US$401.4 million in the first three months compared with US$380 million a year earlier.
Golden Agri-Resources Ltd. (E5H.SG) said its first three months net profit increases more than nine-fold to $89 million up from $9 million due to increases in crude palm oil prices.
After market close
City Developments Ltd. (C09.SG) announced a 67.6% gain of net profit at S$139.3 million compared to S$83.2 million a year earlier due to sharp improvement of revenue for company’s rental.
Important Resistance of CityDev: $11.05
Immediate Support of CityDev: $10.10
RSI: In bearish zone of 45%
MY sentiment on CityDev: This counter seems to be losing its momentum with prices going up but RSI heading down. Moreover its closing candlestick for today seems to display a sign of “indecision” with long upper & lower shadows.
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