Local market was aimless and drifted lower as global markets digest US Fed’s “fairly soon” rate rise outlook while local reporting season hits top gear. Local market reaction to results are running into short covering. Investors are shooting first and then asking questions later. ABC for one was down early to finish well up while FLT was down a lot and then recover to be slightly down after short covering. US markets are trading at 2-3 PE points premium to long term average on forward multiples while US Fed is looking to raise rates and US political scene remains volatile. For the full report click here

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