Daily Market Opinion for 12-Sep-2013

STI have halted it’s ascend yesterday as another round of bad news was announced for the banks. The MAS had introduced a new rule to curb unsecured banks credits which might impact on the earnings of the banks. Hence, the banks dragged STI down for the day. In the opening session, STI opened flat with attempts to trade higher.  However, as the market starts to digest, sellers start to enter the market as the new concern weights. STI hits a higher of 3136 level before it starts to tumble down towards a low of 3099 level. There were no signs of strong intraday rebound and eventually, STI close at 3108 level. STI had erased off 15.7pts worth of gains yesterday. Last night, DJI recovered 135.54pts after Obama decided to delay its Syria strike. Will STI be able to recover from its losses ...