Daily Markets Briefing: STI up 0.3%

Index unlikely to push back close to 3300 today.

IG Markets Singapore noted:

On the local market, the STI crept up 0.3% as it maintains a slow and steady rise this year, gaining 2.5% so far this year.

For the STI this morning we are pricing in a 0.6% gain at the open, but it seems unlikely there will be the momentum or conviction to push back close to 3300 in today’s session.

Meanwhile, OCBC Investments Research said:

We note that there is still some caution in the market; even though the STI closed 0.3% higher yesterday, it was well off early highs, and the index also failed to test the initial 3258 resistance (38.2% retracement of 3160-3319 rally).

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