Daily Markets Briefing: STI ends flat

Index likely to pull back towards 3229, says analyst.

OCBC Investment Research noted:

While the STI ended flat yesterday, we note that the total value traded fell below S$1.0b; but could also be due to extended Good Friday break.

However if that is the case, we could see a stronger profit-taking interest, which could send the index pulling back towards 3229 (23.6% retracement of the 2931-3321 rally).

For now, the initial support sits at 3300, ahead of 3278 (centre of Bollinger band). On the upside, recent 3321 high remains the initial (potentially formidable) cap.

IG Markets Singapore said:

In Singapore, we expect trading activity to remain light and the STI flat as a result.