Daily Markets Briefing: STI down 0.1%

Today's tone to remain more pessimistic, says analyst.

Singapore Exchange said:

The Straits Times Index (STI) ended 3.17 points lower or -0.10% to 3,208.58, taking the year-to-date performance to +1.31%.

The FTSE ST Mid Cap Index gained +0.23% while the FTSE ST Small Cap Index gained +0.33%. The top active stocks were Ipco (+29.41%), SingTel (+0.27%), EMS Energy (+30.14%), DBS (+0.42%), and UOB (+0.19%).

OCBC Investment Research said:

With the US indices again inching lower overnight; this could cue the local bourse to a negative start this morning.

Over the past few sessions, investors have been providing support to the STI, as it consolidates just above the 3200 immediate base.

But with today’s tone likely to remain more pessimistic, we could potentially see the index drifting lower towards this key level for another test today.

Should this support be compromised, the index will likely fall towards the 3180 subsequent support.

On the upside, 3270 region is still the firm immediate hurdle to overcome, as the subsequent resistance lies at the 3330 support-turned-resistance.

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