On 18/May, Singapore shares end higher Tuesday as the euro and prices of some commodities managed to recover driven by bargain hunters after a recent huge sell-off.
STI ended 10.66 points (0.4%) higher at 2844.35 with extremely LOW VOL of 1.08 billion shares traded compared with 1.35 billion shares Monday. In the broader market, gainer outnumbered loser 278 to 176. As of now, STI has been drifting aimlessly with very low trading volume for the past few days. We really doubt that today’s rally will be able to hold due to the fact that it is not a board based rally and the volume is extremely low.
"It's going to remain very quiet. We're doing nothing, just staying on the sidelines and waiting for opportunities to come back." a dealer at a foreign brokerage said.
Headline in STI
Before market close
The overall load factor of carrier in April is at 69.3% compared to 63.7% a year earlier but decrease from 72.9% in March, marking first decline in 2010. Higher performance will be expected in the next few months as travelers reschedule their plans due to the closure of European airspace caused by volcanic ash cloud.
SIA share price may be restrained within the trading region with its 4Q10 earning report due this Friday.
Important Resistance of SIA: $15.20
Immediate Support of SIA: $14.30
MY sentiment on SIA: The trading volume for SIA for the past 2 weeks has been very low indicating the lack of interest though earning reports are due on Friday. However it is important to note that SIA managed to hold onto the support at 14.30 and marked “hammer” candle sticks for 2 consecutive days near this level confirms that this support is strong. Worries over recent closure of European airspace may have huge impact has prevented SIA prices from going further up.
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