Daily Markets Briefing: STI down 0.4%

Today’s tone likely to turn more upside biased.

OCBC Investment Research said:

The continued recovery on Wall Street last Friday night is likely to provide further inspiration to the local bourse this morning.

Despite a 0.4% loss under the influence of other falling Asian markets in the last session, the STI still managed to hold up just above the 3200 support.

And with today’s tone likely to turn more upside biased, we could see the index staging a rebound towards the 3235 immediate resistance.

Above that, the next hurdle lies at the 3260 peaks. Below the 3200 psychological support, the next base is pegged at the 3155 minor trough.

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