Daily Markets Briefing: STI up 0.5%

Analyst predicts index to maintain upward trajectory towards the 3,330 mark.

OCBC Investment Research said:

The STI seems to have rounded a near-term bottom yesterday following a 0.5% higher close.

And with today’s tone likely to remain optimistic, we could see the index maintaining its upwards trajectory towards the 3,330 immediate resistance.

Beyond that, the subsequent resistance is pegged at the 3,400 psychological hurdle.

On the downside, the immediate base remains at the 3,280 resistance-turned-support, with the subsequent base lying at the 3,250 minor trough.

Meanwhile, IG Markets Singapore noted:

So far, in the cash Hong Kong lags behind its peers down -2% for the year compared to STI which is +4%. Singapore is on an upward trend trading up +0.5% at the close to 3308 with support levels at 3225 region.