Daily Market Opinion for 30-Apr-2014

STI continued to trade lower yesterday as the bearish sentiment continues to set in. Many market participants were wary of the “sell in May and go away “effect and decided to exit the market. The opening was a gap down and it immediately tested the support at 3230 level. STI tested and broken this support in the morning trading session and hit a low of 3222 level. But after lunch, the market starts to rationalise as the regional markets were trading in positive territory except STI. Hence, bargain hunters start to enter the market and recovered beyond 3230 support level. A high of 3238 level was made before closing. Even though STI managed to rebound during the day, it is still lacking of strength to be able to close positively. STI closed with 4.97pts down and ended at 3237.74 level. Last night, DJI ...