Singapore Stocks and Market Closing Report

Singapore’s Straits Times Index fell 0.3 percent to 3,144.38 at the close. About eight stocks fell for every five that advanced on the benchmark index of 30 companies.

Shares on the measure trade at an average 14.4 times estimated earnings, compared with about 15.6 times at the end of 2010, according to data compiled by Bloomberg.

The following shares were among the most active in the market. Stock symbols are in parentheses after the company name.

City Developments Ltd. (CIT SP), Singapore’s second-biggest developer, increased 0.3 percent to S$11.64. The company said its South Beach Consortium Pte has secured S$1.6 billion ($1.28 billion) of financing for its South Beach project.

Longcheer Holdings Ltd. (LHL SP), a China-based mobile phone designer, tumbled 17 percent to 26.5 Singapore cents. The company said it expects lower third-quarter revenue, lower gross profit margins from competition, and higher operating expenses because of labor costs in developing new products.

Overseas Union Enterprise Ltd. (OUE SP), a Singapore-based hotel operator, rose 2.2 percent to S$3.23. The company said it will buy the Crowne Plaza Changi Airport Hotel for S$250 million. OUE will also buy an adjacent block of land for S$43 million and build a 200-room Holiday Inn Express. The acquisition will boost the number of hotel rooms it has in Singapore to as much as 2,146 from 1,626 now, OUE said.

SGX Nifty Quotes, STI Views and Trading Levels

The SGX NIFTY is down by 166 points and the market watchers must be prepared for a void down opening due to weak global cues (Nikkie down 6.45 %, Hangsang 5%, and all other Asian indices down 2-3%).

STI MARKET REVIEW

STI plunge more than 100 points today's trade and breached all the decisive support levels and closed below major support level of 2965 @ 2946.08. STI opens with 21 points of gap and made a low of 2932.35 and consolidate day long between 2960-2940 levels and finally closed @ 2946.08 with loss of 84.78 points down by 2.80%

STI MARKET FORECAST

STI breached its up slopping trend line today i.e. 3025 level on daily graph and also break all the immediate support level too and closed below major Support level of 2965 @ 2946.08. STI took support just above its 61.8% and 76.4% Retracement level Daily & Weekly charts respectively, as we told previously that if STI breached its 61.8% retracement level on weekly chart than it can move 100-150 points down side.

SUPPORT : STI having strong support @ 2920 which is its 61.8% Retracement level if STI breached this level than it can go for 2885-2855 level.

RESISTANCE : STI having Resistance @ 2975 and above this level 3005-3035 will be the major resistance zone for STI.

STI Technical Levels & Forecast

After a weeklong consolidation, finally STI crossed its major Resistance level of 3072 and also maintained this level. From past few trading sessions as it was not able to sustain this level, besides that STI today traded above this level and closed its 3100 mark too.

STI is having its 200 day MA level of 3072.07; today STI sustained this level and closed well above this level, so now we can say STI is looking bullish on charts and expects 100-150 points  gain from this level.

RESISTANCE : STI have a Resistance @ 3118 which is multiple resistance and support level previously, so if it maintains this level then it can breach its 50 day MA level of 3157.75 and above this 3180 will be the next level for STI.

SUPPORT : STI have a strong support @ 3060 level if STI breached this level than it can go for 3030-3000 level.