Daily Market Opinion for 02-Dec-2014
It was a bearish start for STI yesterday as market participants reacted to the fall in oil prices. Oil related companies fell drastically as many anticipated the impact of the falling oil prices. Offshores sector was directly impacted and created a big drag to STI. STI opened positively and was with energy to start to trade bullishly. It even hit a high of 3356 level before the selling pressure sets in. As the oil prices starts to trigger a fall, market participants reacted strongly to it and started to offload the oil related counters. There was a stream of panic selling across the market which caused STI to hit a low of 3300 level. With a bit of short covering during closing time, STI managed to close at 3305.64 level. 44.86pts was lost in one day. Last night, DJI was down by 51….