Published:
Singapore Markets Morning Briefing - what you need to know for Mon Jan 30, 2012
Looks like the bourse is going to be off to a bad start.
OCBC Investment Research said:
The muted closing on Wall Street overnight, coupled with the weak Nikkei start (opened 0.4% lower), is likely to weigh on local sentiment this morning, especially after the recent strong gains.
As such, the STI, which ended 0.9% higher Friday, could stage a pullback to retest the key 2900 support.
Below that, we peg the next support at the 2852-2860 (gap support formed recently).
On the upside, we see the initial cap at 2916 (Friday’s high/close), ahead of the key 3000 psychological level.
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