Year 2016 is starting to come to the end as the whole celebrated Christmas last week. The expected Santa Rally failed to materialise as the market chose to go south instead. Concerns were focused on the uncertainty of the upcoming newly elected US president Donald Trump’s administration. During the week, there were several rebound attempts but they were quickly greeted with selling pressure, causing STI to close lower for 5 consecutive days. The banks and offshore marines were hit during the week as profit takers preferred to be out of the market. Therefore, Straits Times Index ended the week with 66.81pts down; closing at 2871.05 level.
Bearishness looms the market currently and many are worried of the outcome of Trump’s administration. How are to react for this coming week? Will the year end with a bearish note?
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