Daily Markets Briefing: STI up 0.1%

Today’s tone likely to remain fairly muted.

OCBC Investment Research said:

The mixed reaction on Wall Street overnight and the poor Nikkei start are unlikely to provide any positive cues to the local bourse this morning.

As a recap, the STI continued to drift within a narrow range above the 3200 psychological level yesterday, closing just 0.1% higher.

And with today’s tone likely to remain fairly muted, we could see the index maintaining its recent consolidative stance with the immediate resistance still marked at the 3235 minor peak.

Above that, the next hurdle lies at the 3260 key peaks. Below the 3200 psychological support, the next base is pegged at the 3155 minor trough.