Daily Market Opinion for 03-Jan-2014

The New Year started with continuation of gains yesterday. STI was able to maintain its bullish streak yesterday despite bearish data from China market. The start of the day was buoyant as it gapped up strongly to reach 3179 level. There were attempts to reach for much higher level in the early session; reaching as high as 3187 level. However, the gains failed to sustain after weak manufacturing report were being announced in China. Its gains were returned which caused STI to dip as low as 3170 level during the day. However, not all the gains were being returned. STI was still able to close at 3174.65 level; gaining 7.22pts for the day. Trading volume continues to be on the weak side. Last night, DJI closed the New Year trade with 135.31pts down. Will DJI’s negative closing cause STI to break its ...