Daily Market Opinion for 16-Jan-2013

STI continued to trade lower yesterday as traders and investors are still concern of the impact of the property cooling measures. STI’s opening started with a slide gap down. Despite its attempt to recover during the first hour of the day, sellers were still eager to sell into strength, capping STI at 3205 level. When HSI opened weakly, STI started to tumble during the morning session to as low as 3182 level before bargain hunters enter the market to snap up bargains. Gradual rebound was seen during the afternoon trading session, pushing STI back towards its opening level. Eventually, STI managed to close at 3196 level with 10.52pts lower for the day. Last night, DJI continues to trade slightly higher by 27.57pts. Can STI sustain its support today? Or will STI tumble and fall lower?

STI failed to trade with another day of ...