Singapore stocks expected to edge higher in quiet trade
Monday April 22, 9:09 AM
sg.news.yahoo.com
SINGAPORE (Reuters) - Singapore shares are expected to be trapped in rangebound trade with a slightly upward bias on Monday after last week's slide, but gains may be capped by Wall Street's mixed performance on Friday.
The benchmark Straits Times Index closed down 0.96 percent or 16.72 points at 1,730.82 on Friday after trading in a tight range of 1,725.93 to 1,740.87.
On the week, the STI fell 1.2 percent.
"The market will likely move up today but trading will be rangebound ahead of U.S. economic figures such as the first quarter GDP later this week," Eddy Kong, dealer at Daiwa Securities, said.
He said the key index will be caught within support at 1,720 support and resistance at 1,765.
Kong said he expects moderately thin trading volumes as direction from Wall Street is unclear.
A rally in U.S. stocks fizzled on Friday when the Federal Bureau of Investigation warned of possible attacks against U.S. financial institutions. The Dow Jones industrial average rose 51.83 points, or 0.51 percent, to 10,257.11, well off session highs. |
