Published:
Daily Markets Briefing: STI down 0.4%
But expect a rebound today.
According to OCBC, the technical rebound by the US indices overnight and the positive Nikkei start (up 0.7% now) are likely to keep local sentiments fairly buoyant this morning.
Here's more from OCBC:
Meanwhile, the STI managed to bounce off the 3390 key support again yesterday to close just 0.4% lower (despite retreating as much as 1% intraday); this further reinforced the importance of the 3390 base.
With today’s tone likely to improve, we could see the STI inching higher in the direction of the 3460 key hurdle.
Above that, the next obstacle lies at the 3500 psychological level. On the downside, 3300 is still the subsequent key base.
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