Daily Market Opinion for 8-Nov-2012

Daily Market Opinion for 8-Nov-2012

STI cheered for the victory of the newly elected President of US, Barack Obama, by closing high. The opening for STI was cautious as it gapped up slightly awaiting for the election results. Early hours was plagued with sellers as votes were more on Romney side. This causes STI to hit as low as 3013 level before rebounding. As Obama received more electoral votes, the market started to climb higher to recover the lost point. The turning point came at the noon when there is confirmation that Obama has won the Presidency. Traders cheered as Obama is pro-Asian which lead to confidence in maintaining the current economic ties. STI closed at 3043 level with 23.94pts higher. Last night, DJI reacted adversely to the election result and plunged 312.95pts lower. Will STI return all the gains yesterday? Is the worse yet to come?

STI …