Daily Market Opinion for 15-Jan-2013

Daily Market Opinion for 15-Jan-2013

Daily Market Opinion for 15-Jan-2013

STI started the week with strong selling pressure as the market reacted abruptly to the property cooling measure which was introduced by the Government last Friday evening. Properties and Banking stock got a hit as these property measures are going to have an impact on their earnings. STI opened with a strong gap down as sellers rushed to sell off their positions, causing STI to open at 3193 level. More panic selling occurred during the first hour of trade, reaching as low as 3185 level. However, the selling pressure stabilises after that and bargain hunters started to enter the market to find value, supporting STI’s intraday rebound. The rebound was gradual as it inched higher and higher till the closing hours. Eventually, STI managed to recovered most of its gap down losses but it still ends it day with 9.91pts lower at 3206 level. …

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