Daily Markets Briefing: STI down 1.29%

Expect sharp losses today.

According to OCBC, the weaker US index futures do not bode well for the local bourse this morning, especially after the STI broke below the key 3000 support on Friday.

Here's more from OCBC:

As before, once the 3000 support gives way, we could potentially see the index slipping further towards the 2800 region.

Having said that, the pace of the pullback has taken us by surprise, as the market has been oversold since early Aug.

While we peg the immediate support at 2950, we think that the correction today would probably slow around 2860 or even 2800. But a stronger support is likely found around 2698 (early Jun 2012 low).

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