Published:
Daily Markets Briefing: STI down 0.2%
Brace for another retreat today.
According to OCBC, the retreat on Wall Street overnight, coupled with Fed’s statement that it is still open to raising rates in the second half of 2015, could spook the local bourse to further losses this morning.
· Meanwhile, the STI registered another 0.2% loss yesterday; this suggesting that the technical pull-back is likely in full swing.
· And with today’s tone likely to remain more downside biased, we could see the index sliding further towards the 3460 key resistance-turned-support.
· On the upside, the 3520 is still the immediate obstacle to overcome, with the next hurdle pegged at the 3550 key peak.
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