Market Recap US equities closed higher on Friday on bargain hunting but the major indices still fell on a weekly basis. Walt Disney (+2.0%) and Boeing (+1.7%) led gains for the Dow, which ended the week down 1.2%. The materials and healthcare sectors were the top performers for the S&P 500, which also fell 0.1% for the week. Rounding off the major indices - and again bucking the losing trend - the NASDAQ Composite gained 1.8% for the week for its fifth straight weekly gain. NYSE composite volume touched 2.9b. WTI Crude for Nov gained 53 cents, or 0.5%, to end at US$103.84/barrel while Nov Brent added 46 cents, or 0.4%, to settle at US$109.46/barrel. For the week, WTI and Brent gained 0.9% and 0.8% respectively. Gold for Dec delivery lost US$7.70, or 0.6%, to end at US$1,309.90/ounce and Dec Silver shed 3 cents, or 0.2%, to end at US$21.75/ounce. For the week, gold and silver fell by 2.2% and 0.4% each. Implications for Singapore Despite the renewed optimism on Wall Street Friday, news that SGX has classified three stocks as “designated stocks” could impart some caution among punters. As such, the STI (down 0.2% on Friday) could engage in range-trading with a slight downside bias (note that the daily MACD has cut down sharply on 2 Oct). We peg the immediate support at 3065 (recent lows), ahead of key 3000 psychological support. On the upside, we see 3171 (middle of Bollinger Band) as the first hurdle, ahead of 3263 (recent highs).
Posted on: Mon, 07 Oct 2013 02:22:11 +0000
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