Daily Markets Briefing: STI up 0.5%

Index off to a slow start this morning.

OCBC Investment Research said:

Lack of cues from Wall Street overnight could see the local bourse get off to a slow start this morning; this may also tempt investors to take profit on the STI’s 0.5% rebound yesterday.

As before, the index does not appear to have the oomph to power through 3200 in the near term; the STI only managed an intraday high of 3199.89 in the previous session.

While we continue to expect the index to be stuck within a narrow range, we believe that it may be better for it to fill the 3051-3071 gap before moving higher.

Before that, 3157 (38.2% retracement of the 2990-3260 rally) will act as the initial support.

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