WATCHLIST FOR TODAY 15 SEPTEMBER 17

1. INARI ...monitor for btreakoutof 2.53. TP 2.65 & 2.80

2. LIIHEN...monitor for breakout above 3.46...with increased volume

3. YONGTAI...EP 1.48 ....TP 1.55

4. CRESBLD...EP 1.10....TP11.20

Our market is still under mild consolidation mode but selective ace & speculative counters should see rotational plays.

Steel theme play has seen most steel counter being pushed up considerably high. ..be cautious of a possible retracement in this sector which badly need a breather though the longer term outlook for metal counters look promising.

Can also look into rubber counters as rubber price is on the uptrend

Mild Support Tipped For Singapore Shares

The Singapore stock market has finished lower in two straight sessions, dipping almost 15 points or 0.5 percent in that span. The Straits Times Index now rests just above the 3,220-point plateau although it may stop the bleeding on Friday.

The global forecast for the Asian markets is murky, thanks to mixed economic data, geopolitical concerns and a bump in crude oil prices. The European and U.S. markets were mixed and little changed and the Asian bourses figure to follow suit.

The STI finished modestly lower on Thursday following losses from the financials, plantations and industrials.

Among the actives, Singapore Press Holdings surged 1.91 percent, while Yangzijiang Shipbuilding skidded 1.70 percent, CapitaLand Mall Trust tumbled 1.44 percent, Golden Agri-Resources climbed 1.32 percent, Thai Beverage dropped 1.08 percent, Wilmar International shed 0.91 percent, Genting Singapore lost 0.43 percent, Oversea-Chinese Banking Corporation fell 0.18 percent, DBS Group dipped 0.15 percent and SingTel and Hutchison Port Holdings were unchanged.

The lead from Wall Street is unclear as stocks moved in opposite directions on Thursday - eventually finishing mixed, with the Dow hitting a fresh record closing high.

The Dow rose 45.30 points or 0.2 percent to 22,203.48, while the NASDAQ slid 31.10 points or 0.5 percent to 6,429.08 and the S&P 500 fell 2.75 points or 0.1 percent to 2,495.62.

In economic news, the Labor Department noted a bigger than expected increase in consumer prices in August. The faster rate of inflation growth has raised concerns about the outlook for the Federal Reserve's monetary policy.

The Labor Department showed an unexpected pullback in initial jobless claims in the week ended September 9th.

Geopolitical concerns also generated some selling pressure after North Korea threatened to use nuclear weapons to "sink" Japan and reduce the U.S. to "ashes and darkness" for supporting a new round of sanctions by the United Nations.

Crude oil futures briefly surged above $50 a barrel for the first time in a month Thursday, as traders bet on renewed demand from U.S. refineries. October WTI oil gained 59 cents or 1.2 percent to $49.89/bbl, a six-week high.

Bursa Market News and Updates - 28 August

Oil trades below US$50 as market pessimism over OPEC deal lingers

Oil traded below US$50 a barrel after OPEC underwhelmed investors with its production-cut extension deal.

Futures fell 0.3 percent in New York. Prices closed 1.1 percent lower last week after OPEC agreed to extend limits on crude output through the first quarter of 2018. Saudi Arabia’s Energy Minister Khalid Al-Falih said the oil-cuts strategy is working and that global  stockpiles will drop faster in the third quarter. US explorers added two rigs last week to 722, the highest level since April 2015, Baker Hughes Inc said Friday.

“It’s huge inventories around the globe that are really keeping a lid on prices, combined with the ability of those agile US producers who scramble back into action should the oil price rise,” Michael McCarthy, chief market strategist at CMC Markets in Sydney, said by phone. Trading volumes were comparatively low due to public holidays in the US and the UK.

Oil in New York clawed back from its tumble toward US$45 in the run-up to the meeting in Vienna as Saudi Arabia and Russia rallied support for the deal. Meanwhile, US inventories dropped seven weeks in a row, though they still remain above the five-year average and production rose to the highest since August 2015. Trading volumes were comparatively low due to public holidays in the US and the UK.

West Texas Intermediate for July delivery traded at US$49.67 a barrel on the New York Mercantile Exchange, down 13 cents, at 3.45pm in Dubai. Total volume traded was about 50 percent below the 100-day average. Prices rose 90 cents to close at US$49.80 on Friday.

US rigs

Brent for July settlement was 11 cents lower at US$52.04 a barrel on the London-based ICE Futures Europe exchange. The contract gained 69 cents, or 1.3 percent, to settle at US$52.15 on Friday. The global benchmark crude traded at a premium of US$2.36 to WTI.

“We believe the next big move for prices is up as oil inventories fall at an even faster pace in the coming weeks,” Giovanni Staunovo, a Zurich-based commodity analyst at UBS Group AG, said by email. While U.S. shale output is set for “robust growth” in the second half of the year, “we see the oil market tightening further in the coming quarters,” he said.

Rigs targeting crude in the US increased for a 19th straight week in the longest streak of gains since August 2011, according to Baker Hughes data. While the number of working rigs has more than doubled from last year’s low of 316, it was the smallest increase this year. Drillers in the D-J/Niobrara Basin in Colorado led the growth last week, adding four for a total of 27 oil rigs in the region.

Currency's Todays Highlights-

EUR/USD 

The EURUSD broke higher during the course of the day on yesterday, testing the 1.10 level after the Federal Reserve suggested that perhaps the interest rates in the United States will remain low for a longer amount of time than anticipated. Because of this, we believe that the market will test the 1.10 level again, but we can not forget this fact that there are major issues in the European Union right now. With that, we are a bit hesitant to get involved until we get a clearer signal one way or the other. As of now,it’s better to stay on the sidelines.

GBP/USD

The GBPUSD broke higher during the course of the session after initially falling on yesterday, as we sliced through the 1.50 level. In fact, the surge was massive and as a result we anticipate quite a bit of volatility in this market. However, as the US closes, we are dropping back below the 1.50 level, so right now it looks like the market is still trying to figure out what the US dollar is getting ready to do. With that, we recommend staying out of this market at the moment, as the volatility is too much.

AUD/USD

The AUDUSD broke higher during the course of the session on yesterday, testing the 0.79 level. However, we found enough resistance in that general vicinity to withstand the bullish pressure. Alternately, if we get some type of resistive candle in this general vicinity that we are willing to sell. However, we do not have that as of now and we do recognize that the 0.80 level above is a bit of a ceiling, so we are waiting to see whether or not we get a sell signal again, and as a result will remain patient.

USD/JPY

The USDJPY fell hard during the course of the day on yesterday as the Federal Reserve announced its monetary policy, suggesting that perhaps they will have to be patient for longer than anticipated about rate increases. With that, we think that there is still probably an uptrend in a fact, but we may have to be patient and wait for a supportive candle in order to start buying.

NZD/USD

The NZDUSD broke higher during the course of the day on yesterday, breaking above the 0.75 level at one point. Because of this, we need to wait to see whether or not this area holds as resistance, and gives us a nice selling opportunity. As of now, we do not have the right resistive candle, so at this point of time we believe that this market will continue to be very choppy and volatile. We have no interest in buying, but certainly can’t sell. We will let the market come down for a couple of days before placing trades.