Daily Markets Briefing: STI up 0.3%

Index likely to consolidate around current levels today.

OCBC Investment Research said:

Despite record closes on Wall Street last Friday night are unlikely to provide much inspiration to the local bourse this morning.

Instead, with the local market having a relatively short trading week due to two upcoming public holidays, investors could also be taking a breather in the days ahead.

The STI which saw a mild 0.3% gain in the last session is thus likely to consolidate around current levels today, supported by the 3200 psychological base and capped by the 3280 peak.

Below those levels, the subsequent support is pegged at the 3130 troughs, while the next hurdle lies at the 3320 support-turned-resistance.