Chinese New Year bring cheers to Straits Times Index this week

Straits Times Index continues to head higher last week and recorded a one year high. The week started bullishly but with doubts as there is lack of catalyst to head higher. Then, profit takers starts to enter the market which forces STI back down on Tuesday. However, the support held well and new bullish catalyst ignited the market back to its bullish momentum on Wednesday. The US central bank reviewed that they will continue to be committed to continue their asset buying policy. This spurred STI to recover their Tuesday’s losses and helped to continue the buying sentiment for the next 2 days. Hence, STI was able to close higher for the week with 21.83pts higher, closing at 3291 level.  With the long Chinese New Year weekend coming, will the market momentum starts to tamper off to prepare ...