STI manages to stay in the black
UOB-Kay Hian has "overweight" recommendation for banking sector while Maybank Kim Eng keeps "negative" view
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MONDAY'S column highlighted the year's starting level for the Straits Times Index (STI) of 2,882 as presenting formidable resistance because the index had not been able to stay above it for more than a few days on three ocassions since the start of the year.
As it turned out, having once again broken above 2,882 on Tuesday and having managed to stay above it on Wednesday, the STI lost its grip on the level on Thursday when it dropped about 16 points to an intraday low of 2,878.
Gains in Hong Kong, the Dow futures and a firm opening for Europe helped the index recover in the afternoon, and it finished with a net gain of 0.83 of a point at 2,894.48.
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