Daily Market Opinion for 03-Oct-2013

STI failed to continue its rebound yesterday as concerns of US government shutdown continues to loom the market. The prolonging of shutdown had started to draw more concerns on the impact of the economic output in US; this lead to global concerns that it might also impact on the world economy. Traders in Singapore were worried and decided to take the safe step by exiting the market. STI initially opened higher yesterday but concerns started to but up during the morning trade. The bullish failed to sustain and selling pressure keep on entering the market during the day. Before noontime, STI went back below 3180 level and new stream of sellers started to push the price down further; breaking its recent low at 3167 level. There was no sign of recovery during the day and STI was forced to close at 3152 level. The damage ...