Daily Markets Briefing: STI down 1.44%

Expect more losses today.

According to OCBC, US stocks finished Monday at their lowest levels since late August as concerns about slowing economic growth in China and mixed domestic economic data unnerved investors.

Here’s more from OCBC:

The sharp sell-off on Wall Street overnight is likely to continue to weigh on local sentiment and send more investors heading towards the exit, especially after the STI cracked the key 2800 support yesterday.

Although the STI managed to hold above the next immediate support at 2762, we note that unless the STI can convincingly retake the 2800 support-turned-resistance level, we could see the index slipping lower towards the 2600 region in the medium term.

Above 2800, the next hurdle lies at 2850 and then 2900.

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