Daily Markets Briefing: STI down 0.4%

Expect another pullback today.

According to OCBC, with the US indices still fairly directionless overnight, the impact it has on the local bourse this morning is also likely to be limited.

Here's more from OCBC:

Meanwhile, the STI pulled back some 0.4% yesterday, following a failed retest of the 3460 immediate key resistance two sessions back.

With local sentiments unlikely to show any significant improvements today, we could see the index hovering around current levels with the immediate base marked at the 3377-3388 gap support.

Below that, the next base lies at the 3300 psychological level. On the upside, the next hurdle is still pegged at the 3500 psychological level.