Date: 3rd June 2009
The STI looks fairly good today after some encouraging economic data released by Australia and with automotive stocks slightly higher in Tokyo. If we manage to exceed 2424.3 and hold at this level, we will see a strong support formed at 2398.67. Otherwise, this support might be retest.
Although during the morning session, we can see that Singapore market is flirting around at 2398.67. The market soon regained ground in afternoon trading session creating a peak high of 2424.52.
Our focus for today is on Financial Stocks.
UOB outperforms as the strongest withholding shares for a good “buy” trend for the day.
2nd in place is DBS, which seems fairly strong with a good breakout at the recent high at 12.50.
Following next, we are looking at OCBC. However, OCBC is still undergoing a series of consolidation, hence; more patience is required for further observation at this stock.