Daily Markets Briefing: STI down 0.7%

Immediate hurdle pegged at 3270 mark.

OCBC Investment Research said:

The persistent retreat on Wall Street overnight is unlikely to provide any inspiration to the local bourse this morning.

As a recap, the index saw another 0.7% pull-back yesterday; despite so, it seems to have formed a relatively firm support at the 3200 region after initiating a fairly strong intraday rebound at that level.

Going forward, the index could potentially consolidate around current levels and hold just above this 3200 base in the near term. Beyond this support, the subsequent floor lies at the 3180 resistance-turned-support.

On the upside, 3270 region is still the firm immediate hurdle to overcome, as the subsequent resistance lies at the 3330 support-turned-resistance.