On 4/May, Singapore shares continue to end lower Tuesday due to the announcement of HSBC's China Purchasing Managers' Index (PMI) fall in April to a six-month low of 55.4 from 57.0 in March indicating that new orders and employment slowed.
STI ended 43.04 points (1.5%) lower at 2901.18 points with average VOL of 1.8 billion shares traded compared with 1.3 billion Monday. In the broader market, loser outnumbered gainer 447 to 89. Since the support at 2940 has already been broken today, this implies that more selling down may be coming soon in the next few days.
"The STI looks vulnerable at this juncture," CIMB said in a note to clients. "If the 2880 level is violated, we expect a deeper correction to be underway."
After the market has been closed, Singapore Technologies Engineering Ltd announced that their net income for the first quarter raised 9% on year to S$92.8 million from S$85.2 million. These increases is mainly contributed from its key divisions such as the aerospace and marine units
Today Singapore Technologies Engineering Ltd closes flat at S$3.13.
Important Resistance of ST Eng: $3.23
Immediate Support of ST Eng: $3.09
RSI: In bearish zone of 33%
MY sentiment on ST Eng: The result is nothing too speculative therefore I doubt this counter will raise much since the market sentiment is bearish now.
MY sentiment on STI: Index has slumps down from its consolidation phrase which hints that the pullback has began. Do not encourage entering now but do look out for the support at 2880 for signs of rebound. (My target is 2800 but not sure if it will reach)
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