Daily Markets Briefing: STI down 1.18%

Will today''s tone improve?

Singapore Exchange said:

The Straits Times Index (STI) ended 36.32 points lower or -1.18% to 3,124.38, taking the year-to-date performance to -1.35%.

The FTSE ST Mid Cap Index declined -0.93% while the FTSE ST Small Cap Index declined -0.54%. The top active stocks were SingTel (-1.08%), DBS (-0.59%), CapitaLand (-0.66%), UOB (-0.38%) and OCBC (-1.27%).

OCBC Investment Research:

As a recap, the STI breached the 3160 support swiftly in the last session but managed to hold its ground temporary just above the 3120 subsequent base.

And with today’s tone likely to remain more downside biased, the 3120 support could be in jeopardy as well; should this level give way, we could see a further slide to the 3070 resistance-turned-support.

On the upside, 3160 is now the newly established support-turned-resistance, followed by the next obstacle at the 3220 peaks.

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