Daily Market Opinion for 17-Apr-2013

The Boston bomb blast turns out not to be impacting on STI yesterday as market participant did not deem it as an event that will affect the market. The initial reaction was a gap down opening where participants were panicking. This panic caused selling pressure during the early trading session which made STI trade as low as 3264 level. But market started to rationalise where bargain hunters entered the market to lift it back up. At around lunch hours, STI managed to recover back to previous day’s level and stayed above 3280 level. Further positiveness entered the market before closing as the tension started to ease off. Eventually, STI managed to strike off the negativity. Eventually, STI closed at 3291 level with 7.21pts higher. Last night, DJI recovered 157.58pts after mourning for the Boston bombing. Will STI continue to rebound today? Is uptrend ...