Markets Briefing: STI down 0.2%

Similar consolidative reaction forecast today.

OCBC Investment Research said:

The muted reactions on Wall Street last Friday night are unlikely to provide any inspiration to the local bourse this morning.

As a recap, the STI continued to consolidate in a fairly tight trading range in the last session with a 0.2% lower close; we are likely to see a similar consolidative reaction today as well.

For now, the 3315 key peak is still the firm resistance to overcome in the near term, with the subsequent resistance is still pegged at the 3400 psychological hurdle.

On the downside, 3260 is still the immediate support, with the next base marked at the 3230 key resistance-turned-support.

Meanwhile, IG Markets Singapore noted:

In Singapore, the STI slipped to 3283 on Friday in another lacklustre session. With no fresh catalyst or upbeat economic news to hang on, today could spell a similar course for the local blue chip market.

Last week the STI broke through the 3300 barrier but then quickly fell back below as global uncertainties rattled local traders. The futures market points to a marginally firmer open for the STI this morning.

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