Singapore shares outlook - Firmer on bargain-hunting after Wall Street rise |
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Mon, 19 Nov 2007 01:32
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SINGAPORE (Thomson Financial) - Singapore shares are expected to open Monday higher as Wall Street's rebound on Friday is likely to trigger some bargain-hunting.But the gains may be limited by failed expections on Singapore's third-quarter gross domestic product growth. GDP grew at an annual pace of 8.9 percent in the third quarter, slower than the initial government estimate of 9.4 percent.On Friday, the benchmark Straits Times Index closed down 36.63 points or 1.1 percent at 3,440.96 after trading between 3,405.86 and 3,453.98 points. It lost 158.71 points or 4.4 percent for the week.Decliners outnumbered gainers 615 to 230, with 1,902 stocks unchanged.Volume was relatively small compared to previous sessions at 1.8 billion shares, valued at 2.1 billion Singapore dollars.The market is ripe for a technical rebound following recent losses, said Najeeb Jarhom, retail market research head at Fraser Securities.'Investors should not be too bearish now and can adopt a more cautiously optimistic stance as the market has corrected,' he said.'Staggered buying on weakness during days of sharp falls should be an appropriate strategy to adopt in expectation of these festive rallies,' he said.(1 US dollar = 1.45 Singapore dollars)TFN.Singapore@thomson.com-jb/ntCOPYRIGHTCopyright Thomson Financial News Limited 2007. All rights reserved.The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
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Singapore shares open higher on Wall Street rebound 