STI set for further declines

No thanks to widespread disappointment over the lack of concrete details from ECB.

OCBC Treasury Research noted:

STI lost 0.49% to close at 3036.19 yesterday, and may extend declines today amid widespread disappointment over the lack of concrete details from ECB, and weak leads from Wall Street overnight and morning losses in Nikkei and Kospi.

STI support is tipped at 3000 and resistance at 3051.08 (1 Aug high). DBS’s Q2 profit rose 10% to $810m. SGS bonds may trade with a slightly firmer tone today, amid overnight gains in US Treasuries.

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