Daily Market Opinion for 27-Sep-2013

It was another day of retracement for STI and this time round, the retracement was deeper. STI opened slightly below 3200 level yesterday as it reacted to the weak DJI’s closing. There were attempts to rebound above 3200 level during the early trading session but it was quickly beaten down when it hit a high of 3202 level. Before noontime, the selling continues which pushed STI to as low as 3183 level before rebound again. The rebound was subtle during the afternoon trade and it helped STI to recover towards its opening level. Eventually, STI managed to close at 3194 level with 14.27pts down. Trading volume continues to be weak yesterday. Last night, DJI made a rebound with 55.04pts gain. Can STI recover its lost grounds today? Or will the Friday sentiment keep its upside at bay?

STI’s movement yesterday shows that the ...