Daily Markets Briefing: STI ends flat

Will today's tone improve?

OCBC Investment Research said:

Despite the modest higher Wall Street close overnight, the local bourse could continue to edge sideways this morning.

After a flat close yesterday and a failed attempt by the STI in retaking the 3120 immediate obstacle, this suggests that local sentiments are indeed rather weak at the moment.

And with today’s tone likely to remain uninspiring, we could see the index drifting just below the 3120 support-turned-resistance.

Below that, the next hurdle lies at the 3160 support-turned-resistance. On the downside, we now see the immediate base at the 3050-3070 gap support, followed by the key base at the 3000 psychological level.