Daily Markets Briefing: STI down 0.4%

Index poised to extend its pull-back.

OCBC Investment Research said:

The retreat on Wall Street last Friday night could dent local sentiments further this morning.

Following a 0.4% loss in the last session, the STI looks poised to extend its pull-back in the days ahead; this remains a healthy correction considering the extent of its recent sharp recovery.

For now, we still see the immediate base at the 3220 resistance-turned-support, with the next support pegged at the 3180 level.

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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