Daily Markets Briefing: STI up 0.8%

Index to open at the 3313 level.

IG Markets Singapore said:

In Asia, it was a mixed bag yesterday, with Singapore one of the better performing bourses. The STI rose 0.8% to break back above the 3300 level, and starts the day at 3313.

This comes after weak industrial production data and predictions of a slowdown in tourist numbers this year.

Meanwhile, OCBC Investment Research noted:

With the STI again nearing the 3320 key resistance for the 4th time in two months, we could start to see some selling pressure emerging.

However, if the index is able to conquer the 3320 key obstacle convincingly in the days ahead, it is then likely to quickly move on to the next hurdle at the 3400 psychological resistance.

On the downside, 3280 is still the immediate resistance-turned-support, followed by the next base at the 3230 key support.

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