Daily Market Opinion for 27-Aug-2013

It was a struggling start for STI as it failed to end its day with a rebound. The day started with bullish momentum which helps to set a foundation for a bullish day. The morning trading session was a bullish one as regional market also staged a bullish note. This made STI to hit as high as 3109 level before sellers starts to set in. At first, this selling action was thought to be mere profit taking action but it turned out to be bearish sellers whom determined that there will be more selling pressure coming in. Hence, during the afternoon selling, STI starts to tumble back towards it opening levels and starts to hover around positive and negative region. There was lacking of bullish conviction during the day which caused STI to close in the red. STI ended at 3084 level with 4.44pts ...