Another quiet trading day..

Following the drop of 114.88 points in dow jones yesterday, STI gapped down and open at 2806 in the morning. It is currently holding slightly above the psychological level at 2801. Regional markets are also not performing well. Overall sentiments of the market is still weak, with some counters hitting a new low.
There are still jitters and concerns over the europe debt issues, plus the property tightening policies in China. Honestly, all these are very old news and I have been writing about them since the beginning of May. But if all these are not resolved, investors will not have confidence in the stock market. Even if the company releases good news, in this market, it is very hard to perform.

Disappointing....

19 May 2010 14:43 CST DJ MARKET TALK: STI Off 1.5%; Likely To Close At New Low For May
0643 GMT [Dow Jones] STI off 1.5% at 2801.55, may end at lowest level this month, with intraday high of 2815 below May's current lowest close of 2821. Support at 2-month intraday low of 2775 set two weeks ago. Shares in broader market also weak, with most FTSE ST sub-indexes down, market breadth at 7 decliners for every gainer. "The index has already given up its gains accumulated from the start of the year. With the World Cup kicking off next month, it's going to get worse as the attention won't be on markets anymore," says trader at local brokerage. Even defensive, yield plays not spared, with ST Engineering (S63.SG) off 0.9% at S$3.19, Starhub (CC3.SG) off 0.9% at S$2.25, Singapore Press Holdings (T39.SG) off 0.5% at S$3.78. Overall participation remains low as volume under 750 million shares. (frankie.ho@dowjones.com)