Daily Markets Briefing: STI down 0.5%

Another pullback is expected today.

According to OCBC, further weakness on Wall Street overnight is likely to weigh further on local sentiment, adding further to the STI’s 0.5% fall yesterday.

Here's more from OCBC:

As before, we expect the index to fill the minor 3252-3258 gap before it can make any notable rebound, although it may find some minor support around 3300 level.

On the upside, 3350 may now act as the initial cap, ahead of 3375 (recent peak) and 3387 (2014 high).

Sector-wise, weak crude prices should benefit the transport sector, especially aviation, given that fuel is a large component of cost.

Separately, the recent drop in local 10-year bond yields could bring some interest back towards yield plays like REITs and telcos.

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