STI up 0.1%

Stock markets took on a cautious tone, says IG Markets Singapore.

OCBC Investment Research said:

The muted reactions on Wall Street overnight are unlikely to provide any significant cues to the local bourse this morning.

Meanwhile, the STI recovered as much as 0.4% yesterday and touched the 3280 resistance briefly. But it failed to hold on to the gains and instead, retraced back to just a 0.1% gain by the close.

This could set the stage for a consolidation around current levels today with the immediate obstacle still marked at the 3280 key peak and the subsequent obstacle pegged at the 3300 psychological resistance.

On the downside, 3230 is still the firm resistance-turned-support, ahead of the 3200 psychological support.

IG Markets Singapore meanwhile noted:

The STI crept up 0.1% yesterday, but it is making a slow and steady push towards another key milestone of 3300 points.

On the futures market, prices point to a +0.1% open for the STI today.

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