Boosted by gains in Asian stock markets, the Singapore stock market rebounded in midday trading on the 26th, with the Straits Times Index rising 0.2% at midday, showing potential to return to the 2,700-point level in the short term.
According to comprehensive reports on August 26, the Singapore stock market rebounded from early morning losses during midday trading on the 26th, supported by the rally in Asian markets. However, the upside appears limited due to a lack of strong catalysts.
The Straits Times Index rose 0.2% at midday to 2,623.07 points, with a low of 2,602.63 points (a 0.6% decline). The first resistance level is expected at the August 14 high of 2,647 points, while support is anticipated at this week's low of 2,574 points.
Najeeb Jarhom of AmFraser Securities stated that, judging by the series of end-of-month rallies seen since the March lows, the Straits Times Index could reach the 2,650-2,700 point range within about a week. However, this will present an opportunity for profit-taking, as the index may undergo further consolidation before rising toward 2,750 points.
The ratio of advancing stocks to declining stocks is 2.5 to 1, with trading volume reaching 1.95 billion shares, and small-cap stocks are trading actively.
