Daily Markets Briefing: STI down 1.2%

Expect more losses today.

According to OCBC, renewed weakness on Wall Street overnight is likely to weigh further on local sentiment and send more investors heading for the exit; note that Nikkei is down 0.7% in early trade.

Here's more from OCBC:

The STI, down 1.2% yesterday, looks poised to test the immediate 2900 support, breaking which, could ease further towards 2860.

2800 remains a realistic target in the current environment.

On the upside, we peg the immediate hurdle at 2950; but we continue to see 3000 as a pretty tough hurdle to clear.

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