Daily Markets Briefing: STI down 0.6%

Another decline is likely today.

According to OCBC, continued weakness on Wall Street last Friday and the still weak US index futures is likely to weigh further on local sentiment; Nikkei is shut for holiday today.

Here's more from OCBC:

Although the STI corrected 0.6% last Friday, we see more downside risk, especially after the index failed to sustain itself above the key 2900 level.

And should it break the initial 2850 support, the STI is likely to slip further to test the next key 2800 support; a breach of which could send it back lower towards 2600 region.

Above 2900, 3000 remains the main hurdle to clear.

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