The Straits Times Index faced another volatile week last week as market participants continue to react quickly to ongoing happenings in the world. The week was seen starting bullishly. This bullishness was helped by the rising oil prices. Oil-related companies were seen rebounding firmly until Wednesday. Hence, STI followed the rebound and even hit a high of 2856 level last Thursday.
Bullishness in Straits Times Index failed to sustain last week. Instead, bearishness was being invited into the market. Concerns of interest rate hikes mount last week after controversy US presidency debate between 2 candidates. For some traders, they made use of this opportunity to take profits off the market which created downside pressure.
The Straits Times Index managed to another bullish week last week. This is in line with the expectation of further bullishness to enter the market. The main driving factor for STI’s bullishness is the rising oil price. Within the week, there were multiple attempts to break the key resistance level of 2880 level. Thursday was the only day that STI managed to stay above 2880 level.