Daily Markets Briefing: STI up 0.4%

Index likely to open higher.

OCBC Investment Research said:

Despite the recovery on Wall Street overnight, the local bourse could probably trade lightly ahead of the Labour Day public holiday tomorrow.

Despite climbing another 0.4% yesterday, the index may be due for some form of retracement or consolidation around current levels.

For now, we still see the immediate obstacle at the 3,400 psychological resistance. Beyond that, the next obstacle lies at the 3485 key peak.

On the downside, 3,330 is the immediate resistance-turned-support, with the next base pegged at the 3,265 recent trough.

Meanwhile, IG Markets Singapore noted:

The STI closed +0.39% to 3361, from our morning prices we expect both indices to open higher.

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