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Strong support seen for Singapore STI at 2,540-2,550: IG


A STRONG technical support is seen for Singapore's blue-chip Straits Times Index (STI) at 2,540-2,550.

A break of this support could see a test of 2,521.95, a level last seen in October 2011, Bernard Aw, market strategist at IG, said.

The STI, which had been bucking regional stock-market slides on Friday morning, is struggling to hold on to its gains as the bearish sentiment continues to weigh on the global equity markets.

The index, which opened at 2,536.55, traded to 2,531.79 before hovering around 2,540.78 by 2.54pm, up 0.10 per cent, or 2.5 points.

DBS led the losers, trading at S$13.08, down six cents on more than five million shares traded.

Singtel, which reported a 1.7 per cent drop in its third-quarter profit to S$954 million, was trading up a cent, at S$3.55, after hitting S$3.60 earlier in the morning.

"Nerves were highly strung since the start of the year, with no apparent signs of relief. They were tightened once more in the overnight markets as European and US equities tumbled," Mr Aw wrote in a column earlier.

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