Daily Market Opinion for 06-Mar-2013

STI managed to halt its descent and attempted to rebound yesterday. STI managed to open slightly higher yesterday in reaction to DJI’s rally on the previous night. Despite the positiveness, the market continues to remain cautious on its upside movement as there is no fresh stimulus to attract buyers to support the market’s upside. Positive opening from HSI did help to lift STI higher but each rebound attempted by STI during the day was being pressurised by the waiting sellers. The intraday range became tight as sellers and bargain hunters were fighting for their foothold yesterday. Eventually, STI managed to close near its opening level at 3248 level, with 8.31pts up for the day. Last night, DJI made new highs by trading 125.95pts up. Can STI continue to head higher today? Or will the bullish attempt fizzle out today?

STI ended with a ...