Daily Markets Briefing: STI down 0.28%

Analyst positive on today's tone.

Singapore Exchange noted:

The FTSE Straits Times Index (STI) ended -8.81 points lower or -0.28% lower to 3,124.45, taking the year-to-date performance to -1.35%.

The FTSE ST Mid Cap Index declined -0.95% while the FTSE ST Small Cap Index declined -0.36%.

The top active stocks were Wilmar (+0.31%), Capitaland (-2.24%), Fortune Reit HK$ (+3.21%), Singtel (+0.28%), and DBS (-0.96%).

OCBC Investment Research said:

The modest gains by the US indices last Friday night and the positive Nikkei start (up 0.9% now) could provide some mild inspiration to the local bourse this morning.

Despite plunging below the 3100 key support intraday on Friday, the STI managed to regain most of its earlier losses and close back above this vital level.

With today’s tone likely to turn a tad more optimistic, the index could inch higher in the direction of the 3230 key resistance; however, the risk of investors selling into strength again as the index recovers still remains.

Beyond the 3230 level, the next obstacle is pegged at the 3320 resistance. On the downside, 3100 is still the immediate support, followed by the next base at the 3000 psychological level.

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