STI down 0.1%

Local sentiment is expected to be gloomy.

OCBC Investment Research said:

Continued weakness on Wall Street overnight and the weak Nikkei start (down 0.3% now) are likely to weigh on local sentiment this morning.

The STI, which ended 0.1% lower yesterday, could slide closer to key 3000 psychological support, although we see a minor support around 3020.

On the upside, we peg the initial hurdle at 3080, ahead of the key 3100 psychological resistance.

Although we saw a spike in volume, we note that this came mainly from penny stocks (average value ~S$0.40 per unit); and we expect the penny stocks and situational plays to continue to hog the limelight in absence of any major economic/market news.

IG Markets Singapore meanwhile noted:

In Singapore, manufacturing activity data was released last night showing a fifth consecutive month of contraction. The November PMI print came in at 48.8, a slight improvement on October’s 48.3 but nothing to get excited about.

The electronics sector also shrank again last month with a PMI reading of 47.4.

While we keep our fingers crossed this will be a day free of Olam/Muddy Waters intrigue, the futures market points to another flat open for the STI this morning.

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