Singapore Stock Market Update For Tuesday 13 December
Asian shares slides, with exporters and technology firms putting in a weak performance. Stocks in the US market decline after Moody’s Investors Service said it would review the ratings of euro area countries.
We did mention before that market is likely to be choppy and we do expect wild swing from the US market. 2800 is a strong resistance level. As market is more biased on the downside, we see resistance level at 2750 as well.
Market gaps down and trades below 2700. If 2700 cannot be reclaim, 2700 might have already turn resistance.
Property sector, in particular, is bearish after government introduced a string of cooling measures.
Sentiment –> Neutral (biased on the downside)