Daily Markets Briefing: STI down 0.2%
Immediate support pegged at 3065.
OCBC Investment Research said:
Despite the renewed optimism on Wall Street Friday, news that SGX has classified three stocks as “designated stocks” could impart some caution among punters.
As such, the STI (down 0.2% on Friday) could engage in range-trading with a slight downside bias (note that the daily MACD has cut down sharply on 2 Oct).
We peg the immediate support at 3065 (recent lows), ahead of key 3000 psychological support. On the upside, we see 3171 (middle of Bollinger Band) as the first hurdle, ahead of 3263 (recent highs).