We expect the downward pressure to continue: Kim Eng Research

They say the Singapore market is likely to take the lead from regional ones.

Kim Eng Research also noted the proposed privatisation of Allgreen at a premium to its traded price may see investors looking for similar situations.

As for the market forecast, Kim Eng Research said the STI has staged a breakdown below the 3,120 support level and is approaching its next support around 3,040. The underlying momentum has ebbed and technicals may be eroding much faster than previously anticipated.

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