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Straits Times Index reacted bearishly

It had been a pretty exciting week for Straits Times Index as market watchers are waiting for the expected interest rate hike in US. The expectations were fulfilled and new expectations were established. Many are looking forward towards further hike to happen in coming quarter. Usually, when expectations are met, the market will adopt the “sell on news” effect.

UK Election results push Straits Times Index higher

Yet again, the Straits Times Index faced another indecisive week as the market waits for the result of UK’s election. The results of the election were announced last Friday afternoon. It turns out to be a “hung” government which many speculated that it can lead to unstable political situation in UK. However, market reacted differently to the election result.

Straits Times Index will still face bearish pressure despite bullish closing last week

Straits Times Index started to gain some bullish traction last week after lacking of clear direction last week. The start of the week did not start with a bullish start. Instead, selling pressure was seen to push STI to as low as 3195 level. Upon this level, bargain hunters were seen entering the market to start pushing offshore marines sector higher.

Straits Times Index starts to consolidate at 3180 level.

It had been a quiet week for Straits Times Index last week as there was a tussle between the buyers and sellers. The start of the week was bullish but it was lacking of sustainability. Sellers were still in the market to prevent any strong upside movement. It is obvious to see that the strength of the bull was weak as it did not sustain its high at 3248 level.