Daily Markets Briefing: STI down 0.9%

Index set for a small bounce today, says analyst.

OCBC Investment Research noted:

Following a 0.9% drop yesterday, the STI’s near term downside momentum has started building up. As such, we could potentially see the index drifting lower towards the 3230 key resistance-turned-support for a test in the days ahead.

Beyond this key immediate base, the subsequent support lies at the 3200 psychological level.

On the upside, 3320 is still the vital obstacle to overcome before we can see any consistent recovery by the index. Beyond that, 3400 psychological resistance is the next hurdle to overcome.

Meanwhile, IG Markets Singapore said:

Here in Singapore the STI held its ground a little better, only dropping 0.9% to close at 3256.47.

The stronger performance from the STI versus its regional peers came despite far weaker-than-expected NODX data, showing large falls in February. Much of this is due to a fall in pharmaceutical and electronic exports. Both are traditionally volatile sectors.

Although this non-oil export data is worse than feared, many attribute this to the Lunar New Year. So despite being disappointing, this didn’t lead to much negative reaction in a market whose focus was solely on developments out of the eurozone yesterday.

As with other markets, the STI is set for a small bounce at the market open this morning. We are currently pricing an initial lift of 0.3%.

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