Daily Markets Briefing: STI ends flat

It's about to face a tense week with global risks.

OCBC Investment Research noted:

Friday’s rebound on Wall Street could continue to keep the local sentiment mildly positive this morning; and investors may also be looking forward to some goodies in today’s Budget announcement.

The STI, which ended flat on Friday after an earlier dip, could again be advancing towards the key 3300 resistance.

However, failure to convincingly clear that hurdle could send the index back towards 3258 (38.2% retracement of 3160-3319 rally), or even 3171 (38.2% retracement of 2931-3319 rally).

Above 3300, the next obstacle lies at 3319.

Meanwhile, IG Markets Singapore said:

Singapore’s STI ended last week flat at 3288 and faces a tense week with global risks aplenty and despite better than expected GDP numbers announced on Friday morning. Singapore companies face a big squeeze this year from still-sluggish exports and a tight labour market which is pushing up costs.

This is prompting companies, large and small, to consider cheaper alternatives overseas, and such fears might curb the STI in the mid-term.

For the first two months of the year the local blue chip index is heading for solid gains of about 4%. Today the futures market points to small initial gain at the open for the STI.

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