Daily Markets Briefing: STI down 0.3%

Index likely to slide further, says analyst.

OCBC Investment Research said:

The still muted reactions on Wall Street overnight are unlikely to provide any strong cues to the local bourse this morning.

And with the STI starting to display signs of a pull-back with a 0.3% loss yesterday, this near term pessimism could continue to weigh on local sentiments today.

As such, we could see the index sliding further in the direction of the 3425 recent trough; the subsequent base lies at the 3405 key resistance-turned-support.

On the upside, the immediate resistance is still pegged at the 3485 peak, followed by the 3500 psychological hurdle.

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