Daily Market Opinion for 06-Jun-2014

STI inched lower yesterday as it is still lacking of confidence to stage a rebound. It can also be considered to be a flat day as STI did not show much volatility during the day. The opening was flat and selling pressure started to show in the early hour of trade. A low of 3272 level was formed but STI was able to maintain its composure and started to rebound before closing. There were attempts to trade higher than 3280 level but it ended up at 3279.64 level at the end of the day. Hence, only 0.53pts was lost yesterday. Last night, DJI managed to rebound and gain 98.58pts. With US’s economic data announcing tonight, will STI be able to hold its support and start to rebound? Or will it attempt to retrace further?

It is good to see that STI did ...