STI puts on 0.3% as traders look for leads
It could gain further headway towards 3,600 but analysts caution selling pressure will likely appear then
AMID a lack of data leads at home and region wide, share prices in the Singapore bourse stuck to a familiar trajectory - upwards - and snapped a two-day losing streak since it broke out of the 3,600 psychological mark last week.
The gains were logged as the local bourse awaited further direction from the US while staying inspired by Wall Street's higher close last Friday. The benchmark Straits Times Index rose 9.93 points or 0.3 per cent to finish at 3,577.07 on Monday.
While analysts expect the STI to make another headway towards the 3,600 level, they expect to see selling pressure once it gets there. This however will likely be a "short, temporary correction, which allows profit-taking and hand-changing activities", said Margaret Yang of CMC Markets.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
US: Wall St opens sharply higher on soft jobs data
HSBC has no plans to dispose of further businesses, chairman says
Glencore-backed group said near deal for Shell Singapore assets
Chinese share of French EV market slumps after incentives curbed
ARA H-Trust Q1 net property income up marginally to US$6.4 million
JPMorgan unveils IndexGPT in next Wall Street bid to tap AI boom