Straits Times Index sustains its uptrend movement

Bullish sentiment continued for Straits Times Index last week. Market participants continued to be positive on the direction of the market, pushing STI to as high as 3331.13. High offer price for Global logistic trust has brought confidence in the market that there is more value in the market to be unlocked. Rowsley got it price nearly doubled as its major shareholder, Peter Lim, decided to inject his medical assets into the company. This streak of news had lifted the sentiment of the market. Profit taking was seen on Thursday but it was quick to be countered on Friday. Therefore, STI ended the week with 26.69pts higher, closing at 3314.12 level.

Movements last week had brought further confidence in the uptrend movement. However, some were still worried by the sudden and quick profit taking actions that happened last Thursday. Will …