Published:
Daily Markets Briefing: STI up 0.1%
Will today's tone improve?
OCBC Investment Research said:
The pull-back on Wall Street overnight is likely to cue the local bourse to a poorer start this morning.
Despite other Asian markets having a strong run yesterday, the STI ended just 0.1% higher (just 3 points above the 3200 psychological level); this suggests that local sentiments remain rather uncertain at the moment.
And with today’s tone likely to be a tad more downside biased, we could see the index testing the 3200 level again.
Below that, the next base lies at the 3155 minor trough. On the upside, 3230 is still the immediate resistance (minor peaks), as the next hurdle is pegged at the 3260 key peaks.
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