Daily Markets Briefing: STI down 0.27%

Brace for losses today.

According to OCBC, the lackluster showing on Wall Street overnight could continue to weigh on local sentiment, and potentially extending the STI’s 0.3% correction; the Nikkei got off to a poor start, down 0.7% in early trade.

As warned previously, we see more downside risk from here, especially if the index fails to retake the immediate 2850 resistance in the near term.

Here’s more from OCBC:

Also of note – while overall trading volume recovered to above 2b units yesterday, average value has fallen back towards S$0.55/unit, versus S$0.64 the previous session.

For now, we peg the initial support at 2800. Above 2850, the key hurdle remains at 2900.

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