Daily Markets Briefing: STI up 0.2%

Index to open lower, says analyst.

OCBC Investment Research noted:

The significant retreat on Wall Street overnight is likely to dampen local sentiments this morning.

Despite opening some 0.5% higher in the last session, the STI drifted lower subsequently to just a 0.2% gain by the close; this suggests the formation of a near-term top.

And with today’s tone likely to turn more downside biased, we could see the index continuing its retracement in the direction of the 3,330 immediate resistance-turned-support.

Below that, the next base is pegged at the 3,265 trough. On the upside, we still see the immediate obstacle at the 3,400 psychological resistance, followed by the next obstacle at the 3485 key peak.

Meanwhile, IG Markets Singapore said:

With renewed concerns on global growth we expect Hong Kong and Singapore to play catch-up opening lower this morning.

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