Daily Markets Briefing: STI up 0.3%

Today's tone likely to remain uninspiring, says analyst.

Singapore Exchange said:

The Straits Times Index (STI) ended 9.47 points higher or +0.30% to 3,186.72, taking the year-to-date performance to +0.62%. The FTSE ST Mid Cap Index declined -0.47% while the FTSE ST Small Cap Index declined -0.07%. The top active stocks were SingTel (+0.53%), Capitaland (-0.65%), Genting Singapore (-2.06%), DBS (+0.36%) and Keppel Corp (+0.64%).

OCBC Investment Research said:

The slight gains on Wall Street overnight are unlikely to have much impact on local sentiments this morning.

After cracking below the 3200 psychological support last Friday, the STI failed to initiate a significant rebound yesterday; this suggests investors are indeed turning more pessimistic at the moment.

And with today's tone likely to remain uninspiring, we could potentially see the index drifting lower towards the 3155 immediate base (minor trough).

Below that, the subsequent support lies at the 3120 key troughs. On the upside, 3200 is now the immediate support-turned-resistance, followed by the next hurdle at the 3230 minor peaks.

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