Asian market started trading higher this morning as analysts realise that the sell-off yesterday created an good opportunity to buy on the fact that asia fundamentals remain strong. However, Cyprus-knee jerk news will continue to haunt the market today as europe leaders worry whether the Cyprus citizen will withdraw their money from their bank account. Once every citizen withdraws their money from the bank, it will cause a dominio effect on the bank thus leading to a financial distress.
In Singapore, the Straits Time Index gap up on the opening as the overnight USA market pared losses. It is seen as good sign in the market as the USA economy is strong to withstand the European Crisis. We would like to see whether the STI would be able to trade above the 3263points or go even higher. In the top volume space, we would continue to see penny stocks in action again. We will issued sms alerts later in the day if we spotted any potential breakout stocks.