Daily Markets Briefing: STI down 0.3%

Index to open flat, says analyst.

OCBC Investment Research said:

The modestly negative reactions on Wall Street last Friday night could weigh slightly on the local bourse this morning, especially after last Friday’s 0.3% gain.

As such, it will not be a surprise to see the STI retracing back to the 3,330 resistance-turned-support in the days ahead.

But a successful rebound off this level could see the index’s inching higher towards the 3,400 psychological resistance thereafter.

Above the 3,400 hurdle, the next obstacle lies at the 3485 key peak. On the downside, the next base is pegged at the 3,265 recent trough.

IG Markets Singapore noted:

The STI closed up higher on Friday +0.33% to 3348. Given the economic climate we are calling the STI and HSI open flat.

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