SGX Singapore Closing Market Update

In the past, there had been some concern expressed by investors that the passing of Singapore's founding prime minister, Lee Kuan Yew, might have an adverse impact on the local stock market.

They needn't have worried - Mr Lee's passing on Monday had little impact on the market, with the Straits Times Index rising 38 points or 1.1 per cent over the five days. On Friday, it rose 18.51 to 3,450.1, driven mainly by the banks and Singtel and volume was 1.6 billion units worth S$1.1 billion.

External considerations included gyrations on Wall Street because of interest rate expectations, Middle East problems including the rise of ISIS and the conflict in Yemen, and flow of money towards Europe because of the QE (quantitative easing).

Throughout the week there was more than a hint of quarter-ending window dressing which helped prop the index up, benefiting as it did the banks, Singtel and battered offshore marine sector plays like Keppel Corp.

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SGX Comex Recommendations

INTERNATIONAL COMMODITY NEWS :
Gold prices dipped in Asia on Friday as mixed data from Japan signaled continued easy monetary policies. In Japan on Friday, the country reported that February national core CPI (excluding perishables but including energy) rose 2.0%, less than the 2.1% year-on-year gain expected, a 21st year-on-year rise but the smallest gain since 1.3% in March 2014. The unemployment rate came in at 3.5% as expected, down from 3.6% in January, while the job offers to seekers index met its 1.15 expectation (115 job offers for every 100 people looking for work), up from 1.14 in January and posting the highest reading since 1.19 in March 1992. Household spending fell 2.9%, less than the 3.2% year-on-year decline seen in real terms, but still an 11th consecutive year-on-year drop.


TRADING STRATEGY :
BUY GOLD ABOVE 1207 TARGET 1212 1218 SL 1201
SELL GOLD BELOW 1198 TARGET 1193 1187 SL 1204