Daily Markets Briefing: STI up 0.3%

Lack of catalysts pose a problem.

OCBC Investment Research said:

The mixed reactions on Wall Street overnight are likely to cue the local bourse to a similarly muted start this morning.

As a recap, the STI staged a mild 0.3% rebound yesterday with the 1-month uptrend support still holding firm at the moment.

And with today’s tone unlikely to see any significant changes due to a lack of catalysts, we could potentially see the index consolidate further around current levels.

Below the key uptrend support, the next support is still marked at the 3200 psychological base.

On the upside, 3280 is still the immediate obstacle, followed by the next hurdle at the 3320 support-turned-resistance.