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The Straits Times Index on Thursday rose 12.57 points to 3,431.59, possibly thanks to early quarter-ending window dressing as well as expectations of a Wall Street rebound on Thursday after a steep Wednesday plunge. The fall came despite weakness throughout the region and a soft opening for Europe.
Not unexpectedly, the three banks were among the index's top gainers, though there were also notable contributions from Keppel Corp, CapitaLand and Singtel. Turnover at 1.5 billion units worth S$1.2 billion compared well with Wednesday's feeble S$950.6 million. The broad market excluding warrants managed 249 rises versus 160 falls.
INTERNATIONAL COMMODITY NEWS :
Gold prices tread water in early Asia on Thursday with support coming from expectations the Federal Reserve will act later rather than sooner on a widely expected hike in rates this year. On the Comex division of the New York Mercantile Exchange, gold futures for April delivery held nearly flat at $1,197.10 a troy ounce. Overnight, gold future prices spiked on Wednesday reaching a three-week high,as weak data on U.S. durable goods strengthened the case for delaying a potential interest rate hike. Gold had been in free fall until March 17, as speculation mounted that the Federal Reserve could raise interest rates as early as June. Last week, gold futures plunged to a four-month low of $1,148.20 ahead of the Fed’s decision to remove its stance of remaining patient on the timing of a potential rate hike.Still, relatively dovish comments from Fed chair Janet Yellen on slower long-term increases for inflation, interest rates and GDP growth have fueled speculation that the Fed could raise its benchmark Federal Funds Rate later than previously had been expected.
TRADING STRATEGY :
BUY GOLD ABOVE 1201 TARGET 1206 1212 SL 1195
SELL GOLD BELOW 1194 TARGET 1189 1183 SL 1200
