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Wednesday, May 28, 2008
STI +0.4%; Market To Trade Sideways-AmFraser
[Dow Jones] Singapore shares heading slightly higher in lackluster trade at start of afternoon session as gains for high oil price beneficiaries help offset bearish leads from Nikkei, HSI, DJIA pre-market futures; STI +0.4% at 3126.88 with near-term resistance tipped at yesterday''s intraday high of 3134. Upside capped by investors'' lack of appetite for fresh positions amid continued uncertainty over depth of global economic slowdown. AmFraser senior VP of research Najeeb Jarhom says market mood likely to remain subdued in near-term; "the recent sharp fall from 3250-3270 highs suggests investor perception of limited upside potential and at best a sideways market scenario in coming weeks." Broad market volumes remain thin with losers outnumbering gainers 248 to 184
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