Published:
Daily Markets Briefing: STI down 0.1%
Today's tone likely to turn bearish.
OCBC Investment Research said:
The more than 1% plunge by the US indices overnight could spook the local bourse to a poor start this morning.
After another muted session yesterday (ended 0.1% lower), the STI continues to hover just above the 3200 psychological support.
But with today's tone likely to turn bearish, we could see the index gapping below this immediate base at the open, before sliding further towards the 3155 subsequent support (minor trough).
On the upside, the immediate obstacle is still pegged at the 3230 minor peaks, followed by the next hurdle at the 3260 key peaks.
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