The Singapore market index finally closed above 3,200-point mark on 28 April 2008 for the first time since January 08.
Though the STI closed higher at 3,201.63. most investors are on the sidelines ahead of the Fed meeting starting on 29 Apr 08, which investors are hoping for a 0.25 percentage point cut in the US benchmark interest rate. Just for the update, below are some of the counters having some positive outlook :
1) Palm oil - Wilmar Intl - adding 23 cents at $4.88
2) Indofood Agri-Resources - gaining six cents at $2.40
3) Singtel - added five cents at $3.87
4) Indonesian palm producer - First Resources jumped 4.5 cents to $1.04 with a target price of $1.60 as quoted by the analysts.
On the overall picture, analysts seem optimistic about STI's prospects. A DMG technical report said : " We continue to believe that the 3,300 mark is within reach. Any pullbacks in the STI should be limited.
Over at our China counters listed in Singapore, which saw a bull charge last week, were hit by a bout of profit-taking. The Shanghai stock market resulting from last week's cut by Beijing in the stamp duty on stock trades was waning.
Cosco Corp which slipped 17 cents to $3.30 and Yangzijiang, which is in shipbuilding was flat at $1.10. These 2 stocks is part of the 50 China plays of the FTSE ST China Index. The index fell 2.3 % to 493.3 points.
