23/04/2009 Market Update

	Close	Change	Low	High
STI	1,859	+16	1,836	1,862

	Shares	Value
Volume Traded	1.55 billion	$1.25 billion

It was a quiet day with a lower level of activity compared to yesterday. I could feel a sense of caution in the air. Our market was trading with a pretty tight range for most of the day. Same thing again, decent recovery in the regional markets, especially Hong Kong, gave us some optimism. Strengthening US futures also helped to create a minor match-up in our index at closing.

It was observed that the main action today was in the crude palm oil (CPO) counters. This was most likely brought by a few houses upgrading the plantation sector on the basis that CPO prices should stabilize soon. Though our market strengthened in the end, I am afraid that this would be a flash in the pan as there are too many uncertainties out there in the US side. I will prefer to keep my trading position short and sweet so that I won't be exposed to unnecessary risks. For longer-term investors, we will continue to buy more whenever the market pulls back. Current support for STI is around 1,830. Immediate resistance is capped at 1,880 region.

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