Daily Market Opinion for 23-Aug-2013

STI experienced another day of decline yesterday as market participants continue to exit the market. The opening was a very weak one as it gapped down strongly in reaction to the weak DJI closing one the previous night. Selling pressure continues during the morning trading session which caused STI to hit as low as 3054 level. During noon time, STI refused to trade lower and instead, it staged a rebound. This rebound had helped STI to recovered its lost values and even hit as high as 3099 level. Before closing, some selling pressure was seen as some traders preferred not to hold the position over night. Eventually, STI ended at 3089 level with 19.59pts down. Last night, DJI struggled to keep its heads up by gaining 66.19pts. Can STI also perform the same way today? Or will the selling pressure continue today?

As ...