Daily Market Opinion for 30-May-2013

Daily Market Opinion for 30-May-2013

STI failed to stay above 3400 level yesterday as concerns of US’s possible ease of bond buying continues to loom the market. Many market participants made use of the recent rebound as an opportunity to exit the market yesterday. The selling pressure did not start during the opening session as STI opened flat. There were attempts to break the 20ma line at 3415 level but it meet sellers at that point in time. STI was trading flat throughout the morning but selling pressure starts to set in during noontime. Further selling pressure was triggered across the board when HSI went deeper in red; striking further fears in the market. Weak European market opening dampens the mood further which causes STI to break its recent low of 3373 level. STI ended up at 3367 level with 38.61pts down. Last night, DJI slide 106.59pts down, …