Daily Markets Briefing: STI down 0.2%

Expect another retreat today.

According to OCBC, the near 1% correction on Wall Street overnight could spook the local bourse into a further decline this morning.

Here's more from OCBC:

Despite recovering as much as 0.4% intraday yesterday, the STI closed 0.2% lower instead; this likely a result of traders taking profit as the index reached the 3460 key resistance.

And with today’s tone likely to remain more downside biased, we could see the index sliding further in the direction of the 3400 immediate support.

Below that, the next base lies at the 3360 key resistance-turned-support. On the upside, the subsequent hurdle is pegged at the 3500 psychological resistance.

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