Daily Market Opinion for 13-June-2013

STI continued its downward movement yesterday as market participants were lacking of reasons to buy into the market as fears continue to loom the market. The opening started with a gap down action due to the bearish closing of DJI on the previous night. The gap down immediately pushed STI to test its support level at 3150. The support held well during the day as it rebounded to as high as 3168 level during the day to close the gap. However, STI failed to sustain the rebound and selling pressure starts to set into the market before closing again which caused STI to close near its opening level. STI eventually ended its day at 3153 level with 16.90pts down. Last night, DJI continues to close lower with 126.79pts down. Will STI be able to hold at 3150 support level or will it continue ...