Markets Briefing: STI forecast to consolidate further

On the trader radar is OCBC.

IG Markets Singapore noted:

The STI dropped 0.3% to end the session back below 3300 points. The local blue chip index could sway either side of this barrier in the coming days with the mixed bag of economic news.

On the commodity front, oil has been fairly muted. Brent crude edged up slightly to $118 a barrel as did March US crude gaining 0.3% to $97.31.

OCBC Investment Research meanwhile said:

The STI, which slipped 0.3% to close at 3290.47 yesterday, may see further consolidation going into the weekend on market speculation of any acrimonious debate on currencies at the G20 meeting this weekend. STI range is tipped at 3250-3300.

On corporate news, OCBC reported a 12% yoy rise in Q4 net profit, boosted by life assurance and wealth management. Meanwhile, SGS bonds may see further retracement south in yields, tracking the overnight cue from US Treasury bond market.