Daily Markets Briefing: STI up 0.1%

Expect muted gains today.

According to OCBC, the muted showing on Wall Street overnight ahead of the key US jobless numbers tonight could also impart a sense of caution to the local bourse.

Here's more from OCBC:

Although the STI staged a 0.2% technical rebound yesterday, the inability of the index to clear the initial 2850 hurdle is likely to encourage profit-taking, which could send it back towards 2800.

As before, the market may need to see the index convincingly hold above the key 2800 support before buying interest returns. Above 2850, we peg the next hurdle at 2885, ahead of 2900.

Overall volume inched up 2% 1.65b units traded, but total value slipped 15% to S$1.13b, after average value/unit fell 16% to S$0.68; this as the recently oversold O&G stocks as well as Noble took centre stage.