Straits times index up 16 points today to 3089 following the strong US market.
Wall Street hit record highs for a fourth day as Janet Yellen reinforced the view that the world's top economy was in good health, with the jobs market improving and inflation on the dot. Yellen confirmed the next rate hike could come any time, which leaves open the possibility of a move at the Fed's March 14-15 policy meeting. For Singapore market today, today Banks sector had a cautious session after OCBC's reported a 18% drop in Q4 profit on Tuesday and also due to the upcoming DBS's results on Thursday and UOB's on Friday.
Market has been going up for quite a while, is the correction coming soon?
In my opinion, the overall market right now is still bullish, with STI above 3000 points I think it is still OK to stay in the market, a correction will come if STI start falling below 3000 point. As for the sectors, we are seeing some profit takings in the banks & property sectors over the past few days,
** CityDev, DBS, break 5 day low,
However right now if you look at Hong Kong listed Chinese bank stock, they seems much stronger. today ICBC up 2.8%, Bank of china 3.9% Bank of comm up 3.9%
What sectors or stocks should the investors be looking right now
Right now we are looking at Stock that is uptrending, like the Commodities, Financing and Gaming Sector. With the profit taking in Banks and property sector, funds will flow into other sectors or stock which have not benefited from the Bullish market. Moreover, investors can also look into some of the stocks that are in discussion on the take over deals.
Finance companies like Singapura Finance, Hong Leong Finance and Sing Investments & Finance up sharply after MAS relax its rule. MAS will now allow foreign takeover of Finance companies
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