S’pore shares likely to extend yesterday's losses in wake of Wall Street's sharp fall overnight, driven by concerns over health of global economy. Risk aversion evident in 17.7% jump in CBOE Volatility Index to 3-week high of 34. Investors expected to keep close watch on China markets, which triggered selloff in Asian bourses yesterday on lower pricing and take-up of AGBank and weaker consumer confidence. Initial support for STI at 2800, where the 200-day MA sits.
Cyclical, high-beta stocks such as NOL, Noble Group, SembMarine, UOB, CapitaLand may again lead decline among STI components.
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