Daily Markets Briefing: STI down 0.24%

Index likely to see more downward pressure today.

Singapore Exchange said:

The Straits Times Index (STI) ended -7.65 points lower or -0.24% to 3123.82, taking the year-to-date performance to -1.30%. The FTSE ST Mid Cap Index declined -0.23% while the FTSE ST Small Cap Index gained 0.19%.

The top active stocks were SingTel (-1.67%), Memstar Technology (4.76%), OCBC (-1.50%), HanKore (2.52%) and DBS (0.24%).

OCBC Investment Research said:

The local bourse is likely to see more downward pressure today, although we think that the index should find some minor support around 3160 (50% retracement of the recent 3025-3187) rebound.

But should it give way, the next support is likely only found around 3087 (61.8% retracement of same rebound); and it may also trigger a bearish parabolic sell signal (around 3099).

On the upside, the downtrend line resistance (currently at 3185, -1 point/day) since 19 Sep 13 remains the cap.

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