STI down 0.4%

Positive impact of Wall Street gains is forecast to be minimal.

OCBC Investment Research said:

The modest gains on Wall Street overnight are likely to provide a mild boost to local sentiments this morning.

However, the positive impact could be minimal as the STI is already showing signs of rounding a minor top at the moment with a 0.4% lower close yesterday.

The index could continue to consolidate 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:

In Singapore, the STI dipped 0.4% yesterday but sits comfortably above 3200 points. Politics seems to have taken top spot over economics right now as traders assess the recent Punggol East by-election result and the Government’s ambitious yet controversial plans to grow the population.

On the futures market, we are looking likely to open relatively flat on the STI this morning.

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