Daily Market Opinion for 08-Feb-2013

Daily Market Opinion for 08-Feb-2013

STI traded lower yesterday as concerns of the long weekend looms the market yesterday. STI experienced a flat opening yesterday as the market is undecided with flat closing from DJI on the previous night. Weak opening from HSI spark off selling pressure in the market as traders are being encouraged to take more profits from the market. This pressure caused STI to hit as low as 3254 level which broke the immediate support of 3260 level. STI managed to recover slightly after lunch as it hovers around this support level. Eventually, STI managed to close above 3260 level and ended at 3261 level. But this means that STI is down 14.76pts for the day. Last night, DJI closed with 42.47pts down. Will STI break 3260 support level today to prepare for the uncertainty over the long CNY weekend? Or will STI hold itself …