Daily Markets Briefing: STI down 0.5%

Expect some gains today.

According to OCBC, firmer Wall Street close and continued gains seen in the US index futures should provide some relief to the local bourse this morning; but Nikkei down 0.5% in early trade.

Here's more from OCBC:

And as before, we think that selling into strength may continue to be the favoured approach due to the heighted volatility in the global stock markets.

Yesterday, the STI tried to make a technical rebound but selling pressure soon sent the index back down again, though it managed to end off the intraday low.

As before, the two key near-term hurdles remain at 3291 and 3302, while the main cap sits around 3357.

On the downside, the first support can be found at 3266, ahead of 3200.