Aussie market started with a hammering and then recovered more than half the way back after global markets set a negative trend overnight. We see the global investor selling pressure holding the market to ransom till the currency drops to mid 60’s. The recent trend suggests we are going to revisit the 5000 low level, but we continue to see that as another buying opportunity for the local investors as the global investors sell out on currency worries. There were signs of market optimism coming back as we underperformed the rest of the markets substantially and we are now back close to fair value. (VIEW LINK)
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