Daily Markets Briefing: STI to open flat

But index still on track to test the 3320 key peaks resistance.

IG Markets Singapore said:

Elsewhere in Asia the Hang Seng lifted 1.4% while on the local market the STI slipped 0.3% to start the week at 3289 as the key property sector once again was under pressure. The picture this morning around Asia seems a little mixed, despite the positive leads from the US, as traders digest both the US and Chinese data.

We are pricing a flat open for the STI this morning.

Meanwhile, OCBC Investment Research noted:

Despite pulling back 0.3% in the last session, the STI’s near-term upside momentum is still fairly intact; as such, the index is still on track to test the 3320 key peaks resistance in the days ahead.

Should the index overcome the 3320 obstacle convincingly, it will then continue on towards the subsequent 3400 psychological hurdle.

On the downside, the 3230 key resistance-turned-support is the immediate base, with the next support level pegged at the 3200 psychological level.