Daily Markets Briefing: STI down 1.62%

Expect muted gains today.

According to OCBC, further declines on Wall Street overnight could weigh further on local sentiment today; the Nikkei has opened 0.4% lower, extending yesterday’s 3% tumble.

Here’s more from OCBC:

In addition, investors could be watching the developments in China very closely; this on fear of more selling pressure after the 7% plunge yesterday triggered circuit breakers and shut the bourses there after just half a day of trading.

Although 2800 is still the key initial support for now, we could see the index breaching this level pretty soon, and may bring the next key support at 2740 into play; this given the increased geopolitical tensions in the Middle East.

On the upside, we peg the immediate hurdle at 2850, ahead of the key 2900 level.

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