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Daily Market Opinion for 19-Jul-2012

STI went against the regional markets’ movement again. The regional markets were showing bearishness but STI managed to end up slightly positive before closing. STI started with a gap up opening in reaction with DJI’s positive closing. However, STI did not maintain this bullishness and started to go on a free fall after HSI opened bearishly.

Daily Market Opinion for 18-Jul-2012

STI refused to retrace yesterday despite weak DJI closing on the previous night. With a flat opening, STI climbed gradually after report of F&N’s stakeholders being offered to purchase their stake. F&N contributed most in pushing STI above 3000 level and towards 3030 level.

Daily Market Opinion for 17-Jul-2012

STI tested 3000 level with a gap up opening yesterday. However, sellers were seen waiting at 3000 level to take profit which prevents STI from going higher than 3004 level. Multiple attempts to break this resistance level was seen during the early trading session but the buyers lost their steam before lunch time and sellers started to take control of the market.

Strong bullish momentum prevents STI from retracing.

Last week, STI started the week bearishly with a strong gap down and bearish intraday movement. The drop was due to weak China economic numbers. It was thought that STI would start its retracement towards 2910 level but instead, STI refused to drop further. Speculations of China releasing stimulus plans to help the current weaken economy was being heard.