SGX can’t shield such bad news. Took a real hit today, closed down -79.05 points lower, which is equivalent to 2.4%! Probably for STI, support is around 3222. You can notice that it is a gap down. Only when the gap is covered back… probably the uptrend will continue. No doubt, we are in the correction phrase.
Similar situation can be observed from Hong Kong Index too, with HSI closing down by -357.35 points, which is -1.55%. Seems like Hang Seng already broke the 23,000 support, likely that further downside will persist on for a period.
OPEC still persist on that they will not intervene even when the oil price reaches $40. In my view, I still see that short term volatility is here to stay. And with this shale oil, and oil issue around, perhaps the interest rate increase will be delayed too.
Well, it’s still too early to say…
It is a good time to take note of certain stocks, such as Sheng Siong. This remains pretty resilient during this period.
And tonight, let’s hope that the US market will recover a little..