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Thursday, May 29, 2008
STI +0.6%, Off Highs; Oil Price Caps Upside-DBS
Singapore shares off highs by end of morning session, tracking pullback for Hong Kong shares; STI up 0.6% at 3150.72 at midday break vs session high of 3166.25. Resistance tipped near 30-day moving average at 3180 with support tipped at yesterday''s low of 3113 if index heads into negative territory. DBS Vickers says sentiment supported by prospect of 1Q U.S. GDP data tonight, which should show U.S. has not slipped into recession, but upside limited by continued inflationary worries; "the specter of high oil price is likely to put a cap on the STI." Broad market volume tailing off, now similar to early part of week with gainers outnumbering losers 249 to 184
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