Wednesday, June 30, 2010

SG Market

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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