Daily Markets Briefing: STI ends flat

Will today's tone improve?

OCBC Investment Research said:

The further recovery on Wall Street overnight could inspire the local bourse to a positive start this morning, but gains are likely to be limited.

As a recap, the STI ended flat yesterday as investors stood by the sidelines due to a lack of market catalysts.

And with the index likely to continue its consolidative stance in the near term, we could see the index drifting sideways just below 3280 immediate resistance. 

Above that, the next hurdle lies at the 3300 psychological resistance. On the downside, we still peg the immediate support at the 3220 various troughs, followed by the next base at the 3180 key resistance-turned-support.