Daily Markets Briefing: STI down 0.2%

Key hurdle pegged at the 3200 mark.

OCBC Investment Research said:

With more toppish signals seen on Wall Street overnight, the local bourse could continue to drift lower again today.

Although there was an increase in volume yesterday, the index slipped 0.2%, almost giving up all of the previous day’s 0.3% gain, even though gainers outpace losers 260 to 210.

Furthermore, we expect news that the US has sent two B52 bombers to challenge China’s recently declared air zone to keep overall tone cautious as well.

We continue to peg the key hurdle at 3200 psychological level, ahead of 3226 (Upper Bollinger Band).

On the downside, we see immediate support at 3157 (38.2% retracement of 2990-3260 rally); but we believe the market need to fill the gap at 3051-3071 before it can move higher again.

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