STI set for weaker opening

The third consecutive session of retreat on Wall Street and the poor Nikkei start are likely to dampen local sentiments significantly, says OCBC Investment Research.

OCBC Investment Research said:

The third consecutive session of retreat on Wall Street overnight and the poor Nikkei start (down 1.4% now) are likely to dampen local sentiments significantly this morning.

Despite rebounding as much as 0.8% and overcoming the 3000 psychological obstacle briefly yesterday, the STI slipped back below this level to close just 0.5% higher.

And with today's tone likely to turn more pessimistic, we could see the index resuming its correction in the direction of the 2930 immediate base (minor trough).

Below that, the subsequent base is marked at the 2900 key resistance-turned-support. On the upside, 3000 psychological level is still the immediate obstacle, with the next resistance pegged at the 3040 recent peak.

IG Markets Singapore meanwhile noted:

The STI is looking at a weaker opening this morning after Apple failed to sweeten the markets. It sat just below the 3000 mark last night and could face a tough battle to break through this today, despite proving to be one of the world’s most resilient equity markets this year. Japanese shares are already down more than 1% this morning.

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