Month of June ending, impacted by the "World Cup effect"

The month of June is going to end soon. Currently, many had known that the “World Cup effect” had took place and caused June to become a month of lowest trading volume for the year. Market volatility had also come to a halt as traders were staying away from the market. Last week was no exception as it continues to plague to low trading volume. But at least, the market managed to stage a rebound after breaking 3280 support level. The week did start off bearishly but bullish attempts started on Tuesday. A high of 3279 was reached on Thursday but Straits Times Index did not manage to return above 3280 level again. Profit taking pressure was seen last Friday which erased some of the gains of Thursday. Hence, for the week, STI closed at 3271.05 level with a ...