The market fell 24.57 points to finish at 3147.79 today. Intra-day charts show that it fell sharply after 5pm. After 5pm, SingTel lost a good 5 cents bringing index south due to its high market capitalisation.
The outlook of the local market seems to be bleak for now based on current sentiments and the loss in capitalisation of other weights like Capitaland, Wilmar, F&N and UOB today. The 3-month chart shows a chance of a near-term support at around 3000, consistent with previous estimates. Speculating a longer horizon of 2 months, there is a chance of range market behaviour.
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