STI continues dull week

The index is forecast to slide further towards the 3000 psychological base.

OCBC Investment Research said:

The muted reactions on Wall Street overnight and the poor Nikkei start (down 0.5% now) could further dampen local sentiments this morning.

After breaching the 3040 base last week, the STI seems to have failed a retest of this level yesterday; despite a 0.3% higher opening, the index closed 0.2% in the red.

And with today's tone likely to remain downside biased, we could see the index sliding further towards the 3000 psychological base.

Below that, the next support level is pegged at the 2980 troughs. On the upside, 3040 remains the immediate support-turned-resistance to overcome, with the subsequent obstacle marked at the 3090 resistance (recent peaks).

IG Markets Singapore meanwhile noted:

In Singapore a report has been published showing the reit sector is offering the world’s best returns, offering an average return of 37% so far this year. The blue chip index has also risen 14% this year which would make it one of the best performers across the globe.

The futures market points to a slightly weaker open for the STI this morning as it continues its dull week.

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