Singapore share prices are expected to trade sideways next week after sustained gains over the past four days showed the market was steadying after the recent turmoil in global equities, dealers said on Friday.
For the week to March 9, the benchmark Straits Times Index (STI) rose 64.97 points or 2.11 percent to 3,143.71. "The market is showing early signs of stabilisation, which means hopefully some of the stocks will show lower volatility in the coming week," said Gabriel Yap, senior dealing director at DMG and Partners Securities Pte Ltd.
Analysts said they expect the market to trade sideways next week. The "historical stabilisation phase for the market is about two weeks after a big fall, which has been the case for the market for the last five years. Every time we had a pullback ... it takes about a month... for the dust to settle," Yap added.
DBS Vickers said in a note: "This whipsaw along the mid-term indicator suggests that the low is in place at 2,931 but the trend could still be sideways in the weeks ahead."
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