Daily Markets Briefing: STI down 0.04%

Year-to-date performance stood at -3.99%.

Singapore Exchange said:

The Straits Times Index (STI) ended -1.19 points lower or -0.04% to 3038.71, taking the year-to-date performance to -3.99%. The FTSE ST Mid Cap Index gained +0.26% while the FTSE ST Small Cap Index gained +0.21%. The top active stocks were SingTel (+0.28%), DBS (-0.30%), OCBC (+0.54%), UOB (-0.40%) and Keppel Corp (+0.39%).

OCBC Investment Research:

The continued recovery on Wall Street last Friday night could keep the local bourse fairly buoyant this morning.

Despite so, we note that the STI is already nearing its key 1-month downtrend resistance at the moment after its recent strong rebound; a correction could come in any time now.

For now, we still see the immediate resistance at the 3070 minor peak, with the subsequent hurdle pegged at the 3120 support-turned-resistance.

On the downside, 3030 is still the immediate resistance-turned-support, with the next base lying at the 3000 psychological support.

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