Daily Markets Briefing: STI down 0.03%

Today’s tone likely to turn more downside biased.

Singapore Exchange noted:

The Straits Times Index (STI) ended 0.94 points lower or -0.03% to 3,054.78, taking the year-to-date performance to -3.55%.

The FTSE ST Mid Cap Index gained +0.66% while the FTSE ST Small Cap Index gained +0.30%. The top active stocks were Rowsley (+0.91%), China Minzhong (-0.44%), SingTel (unchanged), DBS (-0.31%), and UOB (-0.49%).

Meanwhile, OCBC Investment Research said:

The poor Nikkei start (down 0.9%) is likely to weigh on local sentiments this morning.

Meanwhile, the STI has started to show signs of slowing its ascent; after pushing near to the 3070 key support-turned-resistance intraday, it gave up the entire initial gains to end flat yesterday.

And with today’s tone likely to turn a tad more downside biased, we could see the index drifting lower back in the direction of the 3000 key support.

Beyond that, the subsequent base is pegged at the 2930 key trough. On the upside, we see the next hurdle at the 3130 minor support-turned-resistance.

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