0126 GMT [Dow Jones] Singapore stocks retreat, mirroring decline in Japan, South Korea bourses, in wake of Wall Street's pullback. STI down 1.3% at 2,645.54, with market breadth at 3 decliners for every gainer. If last week's lowest close of 2,643 fails to hold as support, next support for STI expected at 2,600; any rebound unlikely to clear year-to-date high of 2,707. Still, DMG technical analyst James Lim says now is opportune time for short-term investors to accumulate; "we believe that the STI could still make further inroads before entering into a correction phase." Eyes near-term target of 2,770 for STI; "we therefore advocate investors not to liquidate, but hold on to their portfolios for further gains, while traders looking for an entry point are advised to enter the market now." Penny stocks continue to dominate trade.
Dow Jones Newswires
September 13, 2009 21:26 ET (01:26 GMT)
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