Daily Markets Briefing: STI down 0.5%

Expect some gains today.

According to OCBC, the further gains on Wall Street overnight are likely to cue the local bourse to a mildly positive start this morning.

Here's more from OCBC:

However, investors are generally still feeling jittery about the local market; despite recovering as much as 0.4% intraday yesterday, the STI reversed to a 0.5% loss by the close.

As such, there is still a good chance that the index could slide further towards the 3270 immediate support over the next few days.

Below that, the next support lies at the 3210 level. On the upside, we still peg the immediate resistance at the 3360 key peaks, with the subsequent hurdle marked at the 3390 key peak.