Daily Markets Briefing: STI up 0.6%

Index likely to head into a consolidative mode.

OCBC Investment Research said:

The muted reactions on Wall Street overnight are likely to cue the local bourse to a similar start this morning as well.

Following another relatively strong 0.6% climb yesterday, the STI could take a breather and head into a consolidative mode ahead of the weekend break.

For now, we still see the immediate key resistance at the 3485 historical key peak, while the next resistance lies at the 3500 psychological hurdle.

On the downside, the immediate support is still pegged at the 3405 resistance-turned-support, followed by the next base at the recent 3365 trough.

Meanwhile, IG Markets Singapore:

It will be a busy day in Singapore with earnings from various companies notably UOL Group.

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