Daily Markets Briefing: STI down 0.2%

Expect anothe pull back today.

According to OCBC, the sharp retreat on Wall Street overnight is likely to spook the local bourse to a poor start this morning.

Here's more from OCBC:

Following an unexpected 0.2% decline yesterday, the STI has again displayed signs that the downside momentum could be building up.

And with today’s tone likely to sour further, we could potentially see the index breaching the 3390 immediate key support and continue its correction towards the 3300 subsequent key psychological support.

On the upside, 3460 key peak is still the immediate hurdle, followed by the next obstacle at the 3500 psychological level

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