Daily Markets Briefing: STI down 0.07%

Investors likely to stay by the sidelines today.

Singapore Exchange said:

The Straits Times Index (STI) ended -2.15 points lower or -0.07% to 3086.64, taking the year-to-date performance to -2.47%. The FTSE ST Mid Cap Index declined -0.04% while the FTSE ST Small Cap Index gained +0.10%. The top active stocks were SingTel (unchanged), Wilmar (+1.51%), DBS (+0.36%), Noble Grp (+4.06%) and UOB (+0.49%).

OCBC Investment Research said:

The rebound on Wall Street overnight is likely to keep local sentiments fairly buoyant this morning.

However, we do not expect the STI to see any significant movements today as investors could stay by the sidelines in anticipation of the Singapore budget announcement later this afternoon.

For now, we still see the immediate hurdle at the 3120 support-turned-resistance, with the subsequent obstacle marked at the 3150 minor peaks.

On the downside, 3070 is the immediate resistance-turned-support, followed by the next base at the 3030 support.