STI rises for 3rd straight day
With index at 2,954.14, resistance level of 3,000 may be tested soon
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WHAT a difference a year makes - in the first three trading sessions of 2016, the Straits Times Index plunged 78 points, or 2.7 per cent, to 2,804, sending analysts scrambling to determine where the downside support might lie.
In contrast, the first three days of 2017 has seen the STI gain 74 points, or 2.6 per cent, at 2,954.14 including Thursday's 32.83 points jump, prompting observers to wonder if the upside resistance of 3,000 might soon be breached.
What has changed? Liquidity has improved slightly - daily volume in the first days of 2016 hovered close to the S$1 billion mark while Thursday's turnover amounted to 2.1 billion units worth S$1.3 billion.
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