Daily Market Opinion for 13-Dec-2013

Further selling pressure was seen in STI yesterday but bargain hunters came in to support the market late in the day. STI gap down strongly in reaction to the bearish closing of DJI on the previous night. Sellers were eager to exit the market during the morning session as fears continue to overwhelm the market. A low of 3025 level was reached before slight rebound started. After lunch hours, STI started to rebound further and head towards 3060 level again. A high of 3063 level was then formed nearing to the closing hours. At the closing bell, STI managed to close at 3059 level with merely 1.7pts down. Trading volume had grown above average yesterday. Last night, DJI continues to head south by dropping 104.10 pts. Will STI continue to attempt to trade lower today? Or will rebound continue from yesterday?

Yesterday’s price ...