Daily Market Opinion for 21-Aug-2013

The worst have happened again for STI yesterday as it slide sharply yesterday as concerns on stoppage of the US stimulus package starts to rekindle. STI opened with a gap down in reaction to DJI bearish closing on the night before. There were attempts to rebound during the early trading session, reaching as high as 3164 level, but it soon flatter off after HSI opened with a bearish note. As the day goes by, further selling pressure enter the market without much chances for STI to stage a rebound; reaching as low as 3117 level. With such bearish movements, STI closed at 3128 level with 44.58pts down for the day. Last night, DJI closed flat with merely 7.75pts down. Will STI be able to end its slide today or will the situation worsen today?

STI broke the minor support of 3170 level yesterday ...