31/03/2009 Market Update

For the last trading day of this quarter, the day has been volatile with significant swings observed. Our market transited between negative and positive territories twice within the day (whereby the total magnitude was as much as 30 over points), before window-dressing effect took the lead and pulled us into the green. The close was 26 points higher at 1,699. This is significantly off the day high of 1,712 as there were probably many traders trying to unload their stuck positions. At pre-close matching, several STI stocks got matched down too.
Given the nature of this volatile day, volume traded was naturally high at 1.32 billion shares worth $1.24 billion.

The US futures are pointing to a positive opening for the US tonight. And perhaps, they might enjoy some sort of a technical rebound or window-dressing tonight as well. But I believe in any case, the correction is not over for most markets yet. There are likely to have many contra players who have yet to unwind their positions. We will probably see more downwards pressure on our market soon.
The strategic levels for us to accumulate remain at 1,664 and 1,600.

Note: Kindly read my first post, About Myself, on my disclaimer. Thank you.