Daily Market Opinion for 29-Aug-2013

Daily Market Opinion for 29-Aug-2013

STI continued to drop deeper yesterday as concerns on breakout of Syrian war looms the market. STI reacted bearishly during the opening as it opened with a gap down action. The selling pressure continues during the morning session as more participants continue to exit the market. This caused STI to hit as low as 2990 level before bargain hunters starts to enter the market. After lunch hours, STI was seen slowly creeping up back to its opening levels. Bargain hunters were able to sustain the intraday rebound and eventually, STI is able to close at 3004 level which is above 3000 level psychological support level. But STI still lost 29.84pts despite its intraday rebound. Last night, DJI was able to stage a slight rebound by gaining 48.38pts. Will STI be able to stage a rebound today also? Has STI hold its support level …