STI gapped up in the morning at 2862.77 above 2856 and made a bullrun of 50+ points towards the end of the day. Next resistance is 2890 and be cautious if it trades at 2,950 (neckline). Gainers outnumber decliners by 3.5 to 1 in broad market. Overall market volume modest at 882.8 million shares but expected to exceed whole of Friday’s 960.2 million by end of session.
“News of the (RMB) revaluation will help to inject a decent amount of risk appetite into markets across the board,” says Phillip Securities. SIAS Research head Roger Tan expects more upside in coming sessions, “we believe that the STI will continue to strengthen as funds start to window-dress for the mid-year as we approach the end of June.”
Anyway, the market for this week has strong uptrend with few whipsaws (profit taking). Commodity, China plays most resilient in market, with FTSE ST Basic Materials Index +3.0%, FTSE ST China Index +3.6%. Notable gainers in these sectors include Noble Group (N21.SG), +3.3% at $1.90, Olam (O32.SG), +2.7% at $2.67, Wilmar (F34.SG), +2.6% at $5.98, Midas Holdings (5EN.SG), +4.7% at $1.00, China Hongxing Sports (BR9.SG), +4.0% at $0.13.
If you have loaded at the pullback as posted earlier. enjoy the second wave.
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