Daily Market Opinion for 18-Oct-2013

Daily Market Opinion for 18-Oct-2013

Market cheered yesterday after ending of the US shutdown. STI was able to open with a strong gap up yesterday and it managed to break the strong resistance at 3180. There was a rush of buying strength during the morning session which pushed STI to as high as 3203 level. However, the weak HSI had draw some concerns to the market as market participants wondered why does the Hong Kong market failed to react positively to the news. Hence, STI started to slide before noontime and started to stay cautious for the rest of the day. A lot of 3184 level was been tested before closing at 3186 level. Despite the strong gap up opening, STI merely gained 12.59pts on positive news from US. Last night, DJI failed to continue its bullish strength and close with 2.18pts down. Will STI maintain its bullishness …