Uncertainties on external fronts continued to dominate trading patterns last week. Interestingly, the Dow having hit fresh 2009 high last Tuesday failed to lift sentiment with the local cash and futures market having drifted quite aimlessly on thin volumes. Though there was quite a fair bit of position trimming last week, the overall underlying tone in the market was calm on mild bargain hunting interest alternated with quick profit taking activity. September contract ended 11.5 points firmer week-on-week basis at 1169.
Yesterday, key original markets came under selling pressure at Shanghai market plummeted 6.7% amid concerns about possible liquidity tightening and new share-issuance. Compounded with accumulative drop of 84 points in US market over the last 2 days, an unavoidable drop start can be expected today with downside risk seen t 1151 points. Upside potential is limited at 1171.
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