Concerns pile up in Straits Times Index

Straits Times Index continued another week above its support at 3190 level. The market started the week by rebounding strongly on Monday. But it faced a minor resistance at 3245 level which prevented STI from going higher. Strong selling pressure sipped in on Tuesday which stopped STI from going further. The focus of the market started to shift towards the interest rate hike of US. STI adjusted downwards further as it prepared itself for any adverse announcement. After the announcement on Wednesday night, STI reacted bearishly towards the news on Thursday. However, it stayed above 3200 level and refused to go lower. To end the week, STI managed to recover some of its lose grounds; ending at 3220.25 level with 10.69pts up.

Concerns in the market seem to be mounting right now; ranging from North Korea tension to US interest rate …