Straits Times Index boosted by good 1st quarter earnings

Straits Times Index boosted by good 1st quarter earnings

STI continued to charge forward last week as market confidence level continues to boom due to positive 1st quarter results from the banking industry. The traditional “Sell in May and Go away” myth did not materialise after the month of May started with a bang. Although it was a short week, STI still managed to break its resistance of 3370 level on Thursday. There was an initial struggle to break this resistance on last Tuesday, but the strong performance from the banks pushed STI to greater heights; reaching as high as 3405 level. However, the gains were short lived and profit takers came into the market on Friday to close the week at 3369 level. For the week, STI gained 21.03pts. Many were caught surprised by last week’s bullish sentiment while some were convinced that the market does still …