North Korea’s 2nd missile affected Straits Times Index

Straits Times Index had another bearish week last week as multiple concerns were felt last week. Rebound attempts were seen early last week as US market managed to hit historical highs. Despite bullish sentiment around the markets, STI was seen struggling to maintain its gains during the day and ended up closing flat on the early week. Selling pressure was felt throughout the week but STI stubbornly hold above 3220 level. However, on Friday morning, North Korean fired another test missile over Japan which triggered fear over the Asian market. This helped STI to crack 3220 level immediately and lead STI towards 3200 support level. This support level was being tested on Friday but it managed to hold well by closing at 3209.56 level. For the whole week, STI lost 19pts.

North Korea’s missile testing indeed strike further fears over the …