DJ MARKET TALK: STI Off 0.5%; Sell Into Strength;Outlook Bearish-UOB 06/06/2011 12:43
0442 GMT [Dow Jones] The STI is down 0.5% at 3128.65 midday, falling along with regional markets after Friday's weak U.S employment numbers, which capped a week of disappointing data from the world's largest economy. Volume is light, at 433 million shares worth S$331 million, with trade subdued amid holidays in Hong Kong and China; decliners outnumber gainers three to one. UOB KayHian says, "investors should look to sell into strength as the outlook remains bearish for the moment." It notes the STI is "trading dangerously close" to its 12-day and 26-day moving averages; "a slip below the 26-day moving average (at 3126) could see the index declining to the next minor support at 3100." Artivision (5NK.SG) is off 2.3% at S$0.215 (vs its S$0.245 intraday high) with 118 million shares traded, today's most active. Neptune Orient Lines (N03.SG) leads declines on the STI, as the container shipper is seen as being the most vulnerable to a slowdown, which will hurt trade; it's down 2.2% at S$1.75 in active trade. (matthew.allen@dowjones.com)
0442 GMT [Dow Jones] The STI is down 0.5% at 3128.65 midday, falling along with regional markets after Friday's weak U.S employment numbers, which capped a week of disappointing data from the world's largest economy. Volume is light, at 433 million shares worth S$331 million, with trade subdued amid holidays in Hong Kong and China; decliners outnumber gainers three to one. UOB KayHian says, "investors should look to sell into strength as the outlook remains bearish for the moment." It notes the STI is "trading dangerously close" to its 12-day and 26-day moving averages; "a slip below the 26-day moving average (at 3126) could see the index declining to the next minor support at 3100." Artivision (5NK.SG) is off 2.3% at S$0.215 (vs its S$0.245 intraday high) with 118 million shares traded, today's most active. Neptune Orient Lines (N03.SG) leads declines on the STI, as the container shipper is seen as being the most vulnerable to a slowdown, which will hurt trade; it's down 2.2% at S$1.75 in active trade. (matthew.allen@dowjones.com)
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