Daily Markets Briefing: STI down 0.3%

Index seen to drift lower.

OCBC Investment Research said:

The pullback on Wall Street Friday is likely to weigh further on local sentiment today, extending Friday's 0.3% slide, as profit-taking continues.

Once again, the index is likely to find it tough to overcome the key 3200 psychological barrier in the near term amidst the dearth of newsflows.

For now, we think that the index may drift lower to fill the 3051-3071 gap before moving higher.

Before that, 3157 (38.2% retracement of the 2990-3260 rally) will act as the initial support.

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