Spore market: likely to open up after the higher US close overnight, boosted by the Fed’s extension of its previous pledge to keep borrowing costs low through at least late 2014, as well as Ben Bernanke saying he is considering additional asset purchases, which sets the table for additional monetary easing.
A the Hong Kong market resumes trading today, and more participants return, expect to see greater trading interest as well.
In the region, KOSPI and Japan are both flat, at 8.14 am.
Amidst today’s positive backdrop, the STI may breach the 2900 level. Next resistance is 2930 (50day MA), followed by 3000. Momentum is positive with the key indicators above neutral and rising positively. Support is some distance away at 2800.
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