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Wednesday, May 21, 2008
STI Down 0.9%; Charts Tip End To Uptick -CIMB
Singapore shares heading lower in early trade as oil price, inflation worries dampen sentiment; STI down 0.9% at 3169.66 with support tipped at this month''s intraday low of 3140. CIMB says technical analysis suggests U.S. and regional indexes have likely ended their uptick from mid-March lows; "investors can expect more correction for global and regional markets over the next few weeks." Blue chips mostly lower, with NOL (N03.SG) worst performer, down 3.0% at S$3.83, possibly due to fears high oil price will lead to higher operating costs. Broad market volumes moderate with losers outnumbering gainers roughly 3 to 1
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