SG Market: Spore shares are likely to remain volatile this week, as investors look out for news coming out from the Euro zone and the US FOMC meeting on 20-21 Sep. The market is hoping for additional quantitative easing by the the Fed to aid the economy and any inaction or half-baked measures by the Fed will lead to disappointment. Over in Europe, the decision to pay out the next tranche of emergency loans to Greece has been delayed to next month. Any sign that Greece will default or will not be able to meet its fiscal targets will trigger further sell-offs.
Nikkei closed for public holiday today while weaker opening on Australian and Korean bourses, coupled with deteriorating Dow futures (-123 pts), may spook the local market to a negative start this morning. Expect the STI to be downside biased with the index slipping back towards the 2720 support level and 2860 to provide overhead resistance.
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