Daily Markets Briefing: STI down 1.3%

Expect more losses today.

According to OCBC, sharp overnight losses on Wall Street is likely to bring more hurt to the local bourse, extending yesterday’s 1.3% tumble; note that Nikkei opened 1.7% lower this morning.

Here's more from OCBC:

Although we peg the immediate support at 2860, we think that STI is only likely to find some moderate support around 2800.

But if 2800 breaks, we do not rule out a persistent slide back to 2600.

On the upside, we peg the immediate hurdle at 2900; but we continue to see 3000 as a pretty tough hurdle to clear.

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