Daily Markets Briefing: STI up 0.1%

Index to open higher, says analyst.

OCBC Investment Research noted:

The rebound on Wall Street overnight is likely to keep the local bourse fairly buoyant this morning.

However, any further upside from here could be limited as the STI has already surged more than 1% yesterday (+3.6% in six sessions); it is likely that the index will see some form of consolidation soon.

For now, we have shifted the immediate resistance to the 3485 key peak, with the next obstacle pegged at the 3500 psychological resistance.

On the downside, the immediate base is now marked at the 3360 minor gap support, followed by the 3330 key resistance-turned-support.

IG Markets Singapore noted:

Singapore’s STI held up throughout the trading sessions, with financials and consumer services leading the indices higher by +1% to 3402. Hang Seng was mostly unchanged drifting to a close at-0.3% to 22668. We expect both markets to open higher.