8:50 PM
Admin
Weekly wrap of STI:
Singapore shares fell for 5th consecutive week. Asian markets extending a sell-off in line with steep losses on Wall Street after the US Federal Reserve signalled a possible end to its multi-billion-dollar stimulus programme.
STI opens with gap for 1st trading day of the week @ 3150 level and then it recovers some points and made week high @ 3235.09, faced resistance at that level and fell again. Took support @ 3065.42 and finally closed @ 3124.45 with 36.98 points down by 1.17% wow basis.
The Singapore market's average 12-month forward PE (price-earnings) at 3,287 and the 50 % retracement level also around that level, we see short-term resistance there. STI faced their biggest one-day decline in more than a year.
Posts
