Daily Market Opinion for 14-May-2014

It was a bad start for the week as STI was struggling to keep its heads above the support at 3230 level. The start of the day was fine as STI managed to open flat. It even attempted to hit a high of 3254 level before it started to plummet. Sellers were eager to get out of the market as many were worried of whether Vesak day holiday on Tuesday will turn out to be a “bearish catch up” for the market. Hence, selling pressure was seen throughout the day despite HSI trading in the bullish sentiment. STI was unable to recover before closing and hence, it closed at near its low at 3222.43 level. A total of 29.7pts was lost. Last night, DJI managed to gain 19.97pts after the previous night of strong gains. Will STI be able to recover its ...