Properties curb measure failed to shake Straits Times Index hard

The revision of the properties rules had impacted Straits Times Index last week as properties counters took a direct hit by this announcement. The banks were also affected as fears of the reduction of housing loan market. With fears setting into these 2 major sector, STI started the week with a strong gap down but it managed to stage an intraday partial recovery after it had test its support at 3180 level. The next 2 days was also filled with selling actions but STI is still able to trade above 3180 level. 3180 support level held very well as the panicky sentiment started to ease off in the properties and banking sector. Market participants had digested the news well over the week and are able to contain the fear by closing only 5.28pts down for the week. Positive momentum ...