Weekly Wrap

Hi Everyone, Happy National Day!

A short week for STI due to two public holidays. For the week, major markets in red except Shanghai. The US three major indices pull back from 0.8% to 1.5% after it hit new historical high last week. Shanghai was on the top list with 1.1% gain to closed at 2052, it has been in consolidation around 2000 level for 6 weeks already, only one week in red and the rest five weeks in green.

Hang Seng was at the bottom with 1.7% loss.

STI dropped 24.2 points at 3230. Continue its sideway consolidation manner for 4th week. I don't see any clear direction at current stage, a close out side of the consolidation range 3218-3265 would provide us a clearer direction.