Daily Markets Briefing: STI up 0.03%

Support pegged at the 3200 mark.

Singapore Exchange said:

The Straits Times Index (STI) ended +0.87 points higher or +0.03% higher to 3,236.97, taking the year-to-date performance to +2.21%. The FTSE ST Mid Cap Index declined -0.69% while the FTSE ST Small Cap Index declined -0.21%. The top active stocks were SingTel (+0.51%), DBS (+0.18%), Kep Corp (-1.04%), GoldenAgr (unchanged) and THBEV (-3.67%).

Meanwhile, IG SG Morning Note said:

We hold the view that Singapore’s efforts in diversifying its growth from exports to services will be its advantage during the period of uncertainty.

Although the Q2 earnings have been lacklustre, with companies unable to produce optimistic outlook, this is unsurprising given the headwinds in global growth. Technically, we see the STI trading in a channel, with support at 3200, a convincing move to the upside will be if it breaks the 3260 price level with a price target of 3310.