Daily Markets Briefing: STI up 0.2%

Expect more positive news today.

According to OCBC, the continued rise by the US indices last Friday night is likely to keep the local bourse fairly buoyant this morning.

Here's more from OCBC:

Following a 0.2% rebound in the last session, the STI is poised to maintain its recovery and inch higher in the direction of the 3460 key obstacle.

However, we do not expect the 3460 to be conquered in the near term as this level remains a tough obstacle for now; investors could also potentially take an early CNY break from the market this week.

Beyond 3460, we still see the next hurdle at the 3500 psychological resistance. On the downside, the 3377-3388 gap support remains a firm base, followed by the next support at the 3300 psychological level.

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