On 24/May, Singapore shares end higher Monday as land developers with China exposure rise on speculation that the government may postponed further policy tightening measures to hold back the property market.
STI ended 22.67 points (0.8%) higher at 2723.87 with LOW VOL of 1.08 billion shares traded compared with 1.49 billion shares Friday. In the broader market, gainer outnumbered losers 260 to 188. Today rally has been very weak due to the fact that the trading activity is LOW and moreover the rally is not board-based. This shows that investors are still very worried about the Europe debts issues and prefer to stay sideline for the time being.
"There should be a temporary pause to the sell-down in the weeks ahead but by no means is the uncertainty over," DBS Vickers said.
Headline in STI
Before market close
Ministry of National Development announced that it will place 18 new property sites on confirmed list which will be able to provide approximately 8,135 residential units for the second half of 2010. This is the largest number of units from the confirmed list since the Singapore
Important Resistance of STI: 2730
Immediate Support of STI: 2665
MY sentiment on STI: Today STI had a very weak non-board based rally with extremely LOW volume. But it is important to note that STI seems to be showing sign of reversal for the past 2 trading days by having a “Doji” & “Inverted hammer” consecutively near the critical support of 2665.
However we would not bet too much on it since the volume is low and STI yet to close above 2730. Thus we would encourage investors to stay sideline till STI managed to close above 2730 at the end of this week.
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