Daily Markets Briefing: STI down 0.2%

Year-to-date performance stood at 1.22%.

Singapore Exchange said:

The Straits Times Index (STI) ended -6.34 points lower or -0.20% to 3203.58, taking the year-to-date performance to +1.22%. The FTSE ST Mid Cap Index declined -0.22% while the FTSE ST Small Cap Index declined -0.26%. The top active stocks were DBS (+0.67%), CapitaMalls Asia (+2.56%), Keppel Corp (+1.09%), Olam (+1.36%) and AusGroup (-4.90%).

Meanwhile, OCBC Investment Research said:

The sharp retreat by the US indices overnight is likely to spook the local bourse to a poor opening this morning.

As such, the STI could potentially gap below the 3190 immediate support at the open before sliding further in the direction of the 3150 subsequent base.

Despite so, there is no major downside concern for the index yet as 3150 resistance-turned-support remains a strong medium term base (where its key 2-month uptrend support is also located).
On the upside, we still see the immediate obstacle at the 3230 recent peak, followed by the next hurdle at the 3260 subsequent peaks.

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