Daily Markets Briefing: STI down 0.1%

Look forward to a negative start this morning.

The Straits Times Index (STI) ended 3.78 points lower or -0.11% on June 11.

According to OCBC, the Dow Jones Industrial Average snapped a five-day winning streak yesterday, and Wall Street's overnight retreat could cue the local bourse to a negative start this morning.

Here’s more from OCBC:

All industries of the S&P 500 closed down except Oil & Gas that rose 0.34%; Utilities fell the most at 1.21%, followed by Industrials that declined 0.73%.

After a modest 0.1% pullback in the last session, the STI is likely to gradually drift towards the 3280 immediate resistance-turned-support.

Below that, we see the next base at the 3220 key trough.

On the downside, the immediate obstacle is marked at the 3310 recent peak, with the subsequent hurdle pegged at the 3360-3370 key gap.