Daily Market Opinion for 13-Mar-2014

STI suffered strong selling pressure yesterday as China economic concerns escalated yesterday. Copper prices were seen dropping strongly due to concerns of reduction of demand from China. This impacted commodities counters like Noble grp. STI opened with a gap down action which broke 3120 support level. There were some attempts to rebound but it only managed to make a high of 3115 level. For the rest of the day, STI continues to experience selling pressure which caused it to stay around 3100 level. However, at the closing hours, STI was seen closing at the day’s low of 3097.43. A total of 31.97pts was being shed. Last night, DJI ended slightly down with 11.17pts. Will STI continue to be affected by China concerns today? Or will a rebound be happening?

STI’s drop yesterday broke the support of 3120 level instantly by a gap ...