Daily Markets Briefing: STI up 0.3%

But here's why it didn't impress analysts.

OCBC Investment Research said:

Although Wall Street crept slightly higher again overnight, it was on thin volume. As such, we do not expect to see it giving the local bourse much of a boost this morning.

While the STI managed to turn in a 0.3% gain, it was also on dwindling volume. Furthermore, the index did not even come close to testing the key 3200 hurdle, which continues to look formidable from here.

As such, we are more likely to see more sideways trading both today and this week within a relatively tight range of 3157 (38.2% retracement of 2990-3260 range) and 3200.

Separately, the semi-annual MSCI review could see some switching out of deleted counters like Amtek, Asiasons, Innopac and Liongold into new additions like Rowsley, SPH REIT, OUE H Trust, Soilbuild B REIT etc.

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