Daily Markets Briefing: STI down 0.05%

Expect more muted trading today, says analyst.

Singapore Exchange said:

The Straits Times Index (STI) ended 1.45 points lower or -0.05% to 3,172.06, taking the year-to-date performance to +0.16%. The FTSE ST Mid Cap Index declined -0.41% while the FTSE ST Small Cap Index declined -0.26%. The top active stocks were SingTel (+1.90%), Noble Group (-0.89%), Global Logistic Properties (-0.68%), DBS (-0.59%) and Keppel Corporation (+0.36%).

OCBC Investment Research said:

Despite Wall Street making very modest gains overnight, we could continue to see more muted trading on the local bourse today, especially ahead of the US holiday tonight.

As before, we continue to expect the index to be stuck within a narrow range albeit with a slight bearish bias.

And given the dwindling market volume and the lack of newsflows, it looks increasingly unlikely that the STI can breach the strong 3200 hurdle in the near term.

Instead, we are looking for the index to fill the 3051-3071 gap; and once it has done that, the index will be in a better position to retake that formidable hurdle.

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