Daily Markets Briefing: STI down 0.1%

Expect another retreat today.

According to OCBC, the pullback on Wall Street and the weaker US futures are likely to encourage further profit-taking in the local bourse today.

Here's more from OCBC:

We also expect the tone to be very cautious as the US markets will be shut tonight; Greece is due to hold its referendum this Sunday.

Recall that we have already cautioned that the continued failure to clear the key 3357 hurdle could spark profit-taking.

And true enough, the STI ended 0.1% lower yesterday after peaking at 3357.95 intraday; and while it closed just above its immediate support (now around 3320), we could see it easing further towards 3302.

On the upside, 3357 remains the key hurdle, ahead of 3373.