Daily Market Opinion for 14-Jan-2015

STI continued to consolidate yesterday as falling oil prices continued to impact the market sentiment. Offshore counters continued to be affected by this sentiment and continued to drag STI down. The opening of STI was weak as it gapped down. Selling pressure was seen after opening which hit a low of 3325 level before bargain hunters started to enter the market based on positive news from China economy. This helped STI to test a high of 3346 level before it started to lose its momentum to go higher. The rest of the day turned out to be flat as the market continued to be listless. Eventually, it still failed to close the day positively with only 3.82pts down; ending at 3341.07 level. Last night, DJI ended its day flat with 27.16pts down. Will STI continue to consolidate today? Will rebound start to …