Daily Market Opinion for 01-Aug-2013
Selling pressure starts to seep into the market again after market participants made use of the strength in the market to exit. The opening was actually a flat one with attempts to head higher during the early hours. However, profit taking actions starts to stream into the market as sellers were afraid to miss the opportunity to sell at a better price. The selling pressure during the morning session as accompanies with a rebound during the lunch hours but before closing, the selling pressure sets in again. Buyers are not convinced to enter the market during closing as they are staying cautious. Eventually, STI close with 23.52pts down and ended at 3221 level. Last night, DJI struggled to keep its heads up and ended with 21.05pts down. Will STI slide further today? Or will STI attempt to stage a rebound today?
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