Daily Markets Briefing: STI up 0.1%

Local bourse could get spooked.

According to OCBC, the further pull-back by the US indices overnight could spook the local bourse to a similar retreat this morning.

Here's more from OCBC:

Despite the STI inching 0.1% higher yesterday, there was clearly a lack of buying interest across the broad market.

And with today’s tone likely to turn more downside biased, we could see the index falling towards the 3280 immediate support for a test.

Below that, the next base lies at the 3220 key trough. On the upside, the immediate obstacle is marked at the 3310 recent peak, with the subsequent hurdle pegged at the 3360-3370 key gap.

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