Daily Markets Briefing: STI up 0.4%

Investors still adopting a cautious stance.

OCBC Investment Research said:

The recovery on Wall Street overnight and the strong Nikkei start (up 1.5% now) could offer some mild boost to the local bourse this morning.

As a recap, the STI ended just 0.4% higher yesterday despite surging as much as 1.6% intraday; this shows that investors are still adopting a cautious stance at the moment.

For now, it may remain an uphill task to overcome the 3153 resistance (yesterday’s intraday high and also 1-month downtrend resistance).

Above that, the next resistance lies at the 3230 support-turned-resistance. On the downside, 3060 is still the immediate base (recent key trough), with the next support at the 3000 (key psychological support).

Singapore Exchange said:

The FTSE Straits Times Index (STI) ended +13.63 points higher or +0.44% higher to 3,118.03, taking the year-to-date performance to -1.55%.

The FTSE ST Mid Cap Index gained +0.56% while the FTSE ST Small Cap Index gained +0.31%.

The top active stocks were Singtel (+3.33%), UOB (+0.31%), DBS (-1.02%), Capitaland (+0.33%), and OCBC Bk (+0.30%).

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